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LandSec sells London office block for £245m
(Sharecast News) - Land Securities on Monday said it had exchanged contracts for the sale of its Queen Anne's Mansions office block in London to Arora Group for £245m. The disposal is part of the property firm's plan to release £2bn of capital from offices by 2030, as it focuses its portfolio on assets which can deliver sustainable income and EPS growth over the long term.
LandSec said that as the sale has been achieved much earlier than planned, the residual finance lease income on the building, which runs until December 2026, will now be received as a capital receipt in 2025 rather than as income across 2025 and 2026.
The overall amount of cash generated for Landsec is essentially the same, but this will impact EPRA earnings for FY26 by £7m and for FY27 by £15m, as a broadly equivalent sum will now be received upfront in cash as part of the sale proceeds, it added.
"EPRA earnings from FY28 onwards are essentially unaffected by the sale, with upside potential as and when proceeds are reinvested in accretive acquisitions," the company said.
Reporting by Frank Prenesti for Sharecast.com
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