Land Securities sells Bankside properties for 315m pounds

10th Oct 2013 09:40

Land Securities has struck a deal to sell its Bankside properties on the South Bank in London to M&G Real Estate for 315m pounds.The property giant redeveloped the Bankside complex next to the Tate Modern art gallery in 2007 helping to rejuvenate this part of the South Bank.It is now selling Bankside 2 and 3 properties, which include 380,000 square foot of offices let to Royal Bank of Scotland until 2027, as well as 73,000 square foot of retail space in Bankside 1. The office space of Bankside 1 is owned and occupied by IPC Magazines.Scott Parsons, Head of London Property at Land Securities, said: "Bankside has produced strong, double-digit returns for us since we started on site in 2003.He added that selling the properties fitted with the company's strategy of recycling capital to reinvest in other opportunities within the group's development pipeline.Shares in Land Securities were up 1.15% at 927p at 10:01 on Thursday.TB