Bankside properties sold by Land Securities
LAND Securities has sold almost 400,000 sq ft of office space on the South Bank in central London.
Their portfolio of property at Bankside has been bought for £315 million by M&G Investments.
Two office buildings with space totalling 380,000 sq ft, and let to the Royal Bank of Scotland until 2027, were included in the deal along with 73,000 sq ft of retail space in a third building.
Scott Parsons, Head of London Property at Land Securities, said:
“With our expertise and passion for place-making, Land Securities’ Bankside development in 2007 provided the catalyst for the transformation of this part of the South Bank. Bankside has produced strong, double-digit returns for us since we started on site in 2003, and selling it now fits our strategy of recycling capital to re-invest in other transformational opportunities within the Group’s development pipeline.’