Land Securities Group PLC (LAND.L) Monday announced the sale of its Queen Anne's Mansions, SW1 (QAM) office block to Arora Group for 245 million pounds in cash.
The deals is expected to add to Landsec's return on equity immediately.
Landsec noted that the disposal represents significant early progress towards its goal of releasing 2 billion pounds of capital from offices by 2030 as part of its strategy to focus on assets that can deliver sustainable long-term growth.
The unconditional sale, for which Landsec has received a 10% non-refundable deposit, is expected to complete in early December 2025.
"Including QAM, overall disposals since 31 March now total c. £500m, which is ahead of our initial expectations and, combined with continued robust operational performance across the business, means we are making encouraging early progress in delivering against our strategy," said Mark Allan, Chief Executive Officer.
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