Lendlease Group completed the acquisition of 21 Moorfields, EC2 from Land Securities Group plc.
September 25, 2022
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Lendlease Group (ASX:LLC) agreed to acquire 21 Moorfields, EC2 from Land Securities Group plc (LSE:LAND) for approximately £810 million on September 21, 2022. 21 Moorfields is a 568,500 sq ft London office development fully pre-let to Deutsche Bank AG (DB) on a 25 year lease, with an annualised net rent of £38 million. Rothesay is providing financing for the acquisition with a 10 year senior term loan. Land Securities Group will retain the responsibility for completing the development, with practical completion expected in Quarter one, 2023. Lendlease will manage the investment vehicle, on behalf of its investment partners including New South Wales Treasury Corporation and its own minority interest. Completion of the transaction is expected to take place in the coming week and the net proceeds of the disposal will initially be used to pay down debt.
Lendlease Group (ASX:LLC) completed the acquisition of 21 Moorfields, EC2 from Land Securities Group plc (LSE:LAND) on September 26, 2022.
Land Securities Group PLC is a United Kingdom-based real estate company, which is engaged in building and investing in buildings, spaces, and partnerships to create sustainable places, and connect communities. The Company operates through four segments: Central London, Major retail, Mixed-use urban and Subscale sectors. The Central London segment includes all assets geographically located within central London. Major retail destinations include all regional shopping centers and shops outside London and its outlets. The Mixed-use urban segment is engaged in capital investment. The Subscale sectors segment consists of leisure and hotel assets and retail parks. The Company has approximately 23.8 million square feet of retail, leisure, workspace, and residential hubs. Its properties include Goodmayes Retail Park, Chadwell Heath; White Rose Centre, Leeds; Hill House, London, Parrswood Leisure Park, Manchester; Novotel Sheffield Centre, Sheffield; Fountain Park, Edinburgh, and others.
LAND SECURITIES GROUP PLC 
