Land Securities completes One Wood Street sale

10:43 | 06.07.09

The UK’s largest REIT said in a stock exchange announcement today it has sold the long leasehold of One Wood Street to Aerium for £105.5m.

Aerium is buying the building on behalf of its Glenn Arrow UK Property Fund.

One Wood Street was completed in 2007 and comprises around 177,000 sq ft of office space, let to law firm Eversheds as well as retail space. The annual rental income is £8.4m a year. The property is held on a long lease from The City Parochial Foundation for a remaining term of 156 years, at a ground rent geared to 10.85% of rental income.

There is an additional income of £3.4m a year from Citigroup until December 2010 which will be retained by Land Securities.

Richard Linnell, head of investment management for Land Securities' London Portfolio, said: ‘This sale demonstrates the growing investor interest in good quality assets. Developed in 2007, this property is of the highest quality and sets a new Benchmark in environmental credentials.'

King Sturge advised Aerium.

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