Land Securities sells 95% stake in London's Times Square for £268.4m

Land Securities sold its 95% stake in the Times Square office building near St Paul's Cathedral to private equity group Blackstone for £268.4m.

The contract will reach completion in July and encompasses an office building currently let to six office tenants including Bank of New York Mellon and law firm Dechert until 2023.

Managing director of the Land Secs’ London portfolio, Colette O’Shea, said: “We've recently carried out some lease regearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development programme."

Blackstone's head of European real estate, Anthony Myers, added: “This is our fourth investment in London as part of Blackstone Property Partners' Core+ strategy, following the most recent acquisition of 125 Old Broad Street.

“Times Square fits the Core+ strategy extremely well as a high quality, well-leased asset in the centre of a global gateway city.”