LandSecs sells Oxford Street asset

1st Jul 2009 13:27

Property giant Land Securities has sold Portman House, a retail and office property located on Oxford Street in London. The building has been sold to Kinloss Property, a wholly owned subsidiary of the Libyan Foreign Investment Company, for £115m, a price which implies a yield of just over 7%. The building provides a total rent of £11.5m per annum.Retailers operating in the building include New Look, Russell & Bromley and Boots the Chemist.The office space is located on the second to seventh floors and is set on leases with three to seven years unexpired and passing rents of £49.50 to £80.00 per square foot.