Singapore investor pays €229m for mixed-use commercial building in London
Landsec has agreed the sale of 32–50 Strand in London’s West End for £195 million (€229 million/$238 million) to Singaporean real estate firm Sinarmas Land.
32–50 Strand is a mixed-use commercial building comprising approximately 139,000 square feet over basement, ground and eight upper floors.
The disposal is in line with Landsec’s strategy to recycle capital into higher return opportunities and is expected to complete in June 2022.
Marcus Geddes, managing director, central London, at Landsec, said, “The sale of Strand crystalizes value that we’ve created since its comprehensive refurbishment in 2012 and more recently through active asset management to extend the length of the office and retail income. The sale recycles capital to fund long-term growth and new acquisitions to drive returns for shareholders.”