Land Sec sells stake in Empress State

Empress_state Land Securities has sold a 50% share of the Empress State building in Earl’s Court to Liberty International for £108m.

Last July, Capital & Counties – the bit of Liberty which deals with non-retail assets – bought a 50% stake in Earls Court & Olympia for £190m, and is seeking to produce a 7m sq ft mixed-use scheme. The Empress State purchase, given the building is contiguous to the Exhibition Centre site, extends the potential for the development.

The building is an Earl’s Court landmark originally designed by Stone, Toms and Partners in 1961, and refurbished and extended by Wilkinson Eyre in 2001. The 30 storey building is wholly let to the Metropolitan Police. Formerly the building was home to the Ministry of Defence.

Land Sec told Property Week that ‘"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."

Fh_chron This acquisition follows reports in Estates Gazette and the Fulham & Hammersmith Chronicle that LB Hammersmith is considering allowing the 800 home West Kensington Estate to become part of Liberty’s Earl’s Court regeneration plan.

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