Landsec Announces Sale Of 123 Victoria Street For £211 Mln

India, Sept. 28 -- Land Securities Group Plc. (LAND.L), a UK based real estate company, on Monday announced the sale of 123 Victoria Street, SW1 to SevenCitiesLdn, an asset management company, on behalf of Seven Capital Plc. for £211 million. Land Securities will receive £181 million upon expected completion in October, with the remaining £30 million payable within 36 months.

123 Victoria Street is a 245,000 sq. ft. office building, originally built in the 1970s and last refurbished in 2012. The estimated net rental income yield over the next five years is 6 percent. Landsec said the transaction is part of its strategy to release £2 billion of capital from offices by 2030 and reinvest in assets that can deliver higher i...