Landsec has sold a London office block let to accountancy firm Deloitte to Hong Kong’s Chinachem Group for £349.5m.
The sale of 1 New Street Square, EC4, represents a 3.6% drop from the building’s September 2022 valuation of £362.8m, and gives the FTSE 100 REIT a total return on capital averaging 10% per annum over its 17-year ownership.
The deal means Landsec has now sold £2.1bn of London offices since announcing in late 2020 that it would target £2.5bn of such disposals. The sales to date represent an average yield of 4.4%.
