Land Securities Sells Park House Mayfair Development For GBP250M

17th Jun 2010 07:16

LONDON (Dow Jones)--Land Securities Group PLC (LAND.LN), a real estate investment trust, said Thursday it has agreed to forward sell its proposed 310,000 sq ft retail, office and residential development at Park House, 453/497 Oxford Street, London, W1 to Barwa Real Estate Q.S.C for GBP250 million. MAIN FACTS: -Of the GBP250 million site price, GBP225 million will be paid immediately and GBP25 million will be paid on practical completion. -Land Securities will act as development manager responsible for delivery of the project with construction works paid for by Barwa. -A profit share will be paid by Barwa within 12 months of practical completion. -Based on current expectations as to office and retail rental values this profit share is estimated to be GBP33 million and is capped at GBP50 million. -Shares closed Wednesday at 628.5 pence valuing the company at GBP4.79 billion. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 17, 2010 02:16 ET (06:16 GMT)