McKay offloads Staines office complex

22nd Oct 2009 11:06

Real estate investment trust McKay Securities has sold off an office property in Staines, Middlesex, to Legal & General Investment Management.The property group achieved a price of £24.23m for Lotus Park, a sum 4% higher than the end-March book value of the office complex. The funds from the sale will be used to pay down debt, thereby reducing the company's loan to value gearing, which stood at 52% at the end of March 2009.Simon Perkins, managing director of McKay Securities, said the price was better than the company had expected and was an indication that potential purchasers are 'now prepared to consider assets with greater income risk.'Perkins added that the occupier market remains subdued which will give the company the opportunity to 'invest in properties that will offer potential to add value from our style of active management.'