Landsec and Lendlease exchange contracts on 21 Moorfields for €928m

Landsec has exchanged contracts for the sale of 21 Moorfields, EC2 to an investment vehicle managed by global real estate and investments group, Lendlease, for £809 million (€928 million/$917 million).

21 Moorfields is a premium 568,500-square-foot London office development fully pre-let to Deutsche Bank AG (DB) on a 25-year lease.

Landsec will retain the responsibility for completing the development, with practical completion expected in first quarter 2023. Lendlease will manage the investment vehicle, on behalf of its investment partners, including Australia’s TCorp and its own minority interest.

The sale is in line with Landsec’s strategy to recycle capital out of mature London offices and reduces the company’s loan to value from 34 percent to 30 percent based on a pro-forma March 2022 balance sheet, further strengthening its strong financial base. Following its strategic review in late 2020, Landsec has now sold £1.8 billion (€2 billion/$2.04 bil