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Land Securities Sells Grand Buildings, Trafalgar Square

LONDON-Land Securities has raised pounds 140 million ($223 million) with the sale of its landmark Grand Buildings on Trafalgar Square, London WC2 to Noriba Bank, a member of the UBS Group.

By Graham Parker | Updated on July 21, 2003

LONDON-Land Securities has sold the landmark Grand Buildings office complex on the south side of Trafalgar Square, London WC2, to Noriba Bank, a member of the UBS Group for £140 million ($223 million). The 198,000-sf prime office building is let to Shell and Lattice producing a total gross rental income in excess of £9.7 million ($15.4 million) per annum.

Mark Collins, Chief Executive of Land Securities Portfolio Management, said: “During the period of our ownership of Grand Buildings, LandSecurities has created significant value for its shareholders through both the original development and subsequent lettings. The proceeds of the sale will be reinvested back into group activities which we believe offer better earnings and growth potential.”

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