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New Landsec Disposal Would Take Sales Past £1B Since CEO’s Arrival

The Ministry of Justice's building at 102 Petty France

Landsec is selling one of its largest single central London office buildings in a deal that would put the company over £1B in London asset sales in the year since its new chief executive took over.

London’s largest property owner has appointed CBRE to sell the headquarters of the Ministry of Justice at 102 Petty France in Westminster, React News reported. It is seeking more than £500M for the 550K SF building. The MoJ’s lease expires in 2028.

In December, Landsec sold 1 and 2 New Ludgate on the western edge of the City for £552M to Singapore’s Sun Venture, and in September it sold 7 Soho Square in the West End for £78M to Hines.

Chief executive Mark Allan outlined his strategy for the REIT in October, saying he wanted to sell stabilised assets and plough the money into large, complex mixed-use developments.

The company pushed forward this agenda on two fronts in December, winning planning permission for Timber Square, an office development in Southwark that the company said would be a net-carbon neutral scheme; and buying 55 Old Broad Street in the City for £87M, where it owns an existing adjacent office building so now controls a site where it could build a new office tower. 

Related Topics: CBRE, Landsec, Mark Allan