Land Securities to sell Harbour Exchange for £196.5m

Land Securities has agreed to sell 6-9 Harbour Exchange in East London to Blackstone European Property Income Fund (BEPIF) for £196.5m.

The sale price reflects a net initial yield of 3.99%.

Marcus Geddes, Managing Director Central London at Landsec, said: "The sale of Harbour Exchange is very much aligned with our strategy. Through this disposal we are recycling capital into opportunities where we can bring to bear Landsec's skills and expertise to drive growth and returns for our investors."

Harbour Exchange is located in the Docklands, adjacent to Millwall Dock, directly to the south of Canary Wharf. The property is in close proximity to South Quay and Crossharbour DLR stations, providing access to Central London.

Harbour Exchange comprises two adjoining re-purposed office buildings, originally constructed in 1989 with around 278,198 sq ft of datacentre and office accommodation. The space is let to Equinix (UK) Limited with an unexpired lease term of nearly 20 years.