LandSec sells Empress

empress state buildingLand Securities has sold its 50% stake in the Empress State Building to existing partner Capital & Counties Properties for £117 million.

The 451,000 sq ft, 31 storey office building next to Earls Court exhibition centre is let to the Metropolitan Police Authority until June 2019 at a current passing rent of £14.9 million.

Scott Parsons, Head of Property, London at Land Securities, said: “The sale of the Empress State Building fits our strategy of recycling capital through disposals as we do not see an opportunity for full control of the asset management or development of the building.”

Gary Yardley, Investment Director of Capco, said: “The Empress State Building provides an attractive income stream until 2019 whilst offering a number of options to create further value over the medium-term as the area benefits from the implementation of the Earls Court Masterplan.”

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