Derwent London has sold £175m of non core assets from its LMS portfolio.
Derwent has sold the three assets that were bought through the merger with London Merchant Securities in February.
It has sold Greenwich Reach to Roamquest, part of Galliard Homes, for £111.8m. The site on the southbank has planning consent for 980 residential apartments 71,155 sq ft of commercial and retail space.
It has also exchanged contracts to sell 158-166 Brompton Road, Knightsbridge to a private purchaser for £45m and 3 & 4 South Place, close to Broadgate in the City of London, to Frogmore for £18.2m.
Both South Place and Brompton Road are within the tax exempt REIT ringfence and will be tax exempt while Greenwich falls outside the REIT ringfence and the capital gains from this sale will be taxed.
John Burns, chief executive of Derwent London said: ‘The Greenwich sale is a non-core disposal as the group continues to concentrate its efforts on commercial development, where it considers its expertise are better applied than residential schemes of this magnitude.’