Land Securities has sold a 50% stake in its Thomas More Square Estate in east London to Canada’s Ontario Teachers' Pension Plan Board for £131.5m
It bought the 562,000 sq ft campus fro £250m four months ago from AXA Real Estate Investment Management and Singapore’s GIC property company. The scheme is let to a range of occupiers including JP Morgan, Skanska AB, Virgin Media and Svenska Handelsbanken and has a yearly income of £12.1m.
Cadillac Fairview Corporation manages the Canadian pension fund which is one of the biggest owners of property in North America with a portfolio valued at around Can$15bn (£7.3bn)
Downturn
The deal is one of few deals to have taken place in central London since the credit crisis coincided with a downturn in property values this summer.
Earlier this month LandSecs, the UK’s biggest listed property company, announced plans to split the company into three arms with a London, retail and property outsourcing business.
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