Land Securities (Landsec) has sold the One New Street Square office property in London to Hong Kong-based property developer Chinachem Group for £349.5 million (€397.5 million/$433.2 million).
The 276,502-square-foot office space is fully let to Deloitte, with 14 years left on a 20-year lease.
The proceeds from the sale initially will be used to pay down debt. The disposal is part of Landsec’s mid-term strategic plan to sell about £2.5 billion (€2.8 billion/$3.1 billion) of mature London offices.
“We’re delighted to have acquired One New Street Square successfully, as it is located in the strategic Central London area with best-in-class building specifications and attractive returns,” said Marcus Geddes, Managing Director, Central London at Landsec. “This is an important step forward for the Group and we intend to hold this property for long-term investment.”
Geddes added, “While Hong Kong will remain our home and core market, we i
