UK's Land Securities and Liberty in London office JV

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UK's Land Securities and Liberty in London office JV

20/08/2008 10:01

LONDON (Reuters) - Britain’s biggest property firm Land Securities said on Wednesday it has sold a 50 percent stake in its Empress State office tower in west London to Liberty International for 107.75 million pounds.

The 470,000 square foot Empress State building in London’s Earls Court area is let in its entirety to the Metropolitan Police Force at an annual inflation-linked rent of around 12.3 million pounds.

The sale is in line with Land Securities’ pledge to recycle capital in its portfolio and helps retail specialist Liberty International to further diversify its London property assets.

"We have held the asset for a number of years but saw limited asset management opportunities in the near future," said Richard Linnell, head of investment management for Land Securities’ London portfolio.

"However, the joint venture with Liberty offers us the ability to realise value from the asset while being well placed to benefit from the continued attraction of this part of London and our combined knowledge of the area," Linnell said.

(Reporting by Sinead Cruise)

(See www.reutersrealestate.com for the global service for real estate professionals from Reuters)

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