Landsec and Canary Wharf Group have sold their 50% stakes in the Walkie Talkie tower at 20 Fenchurch Street for a combined £1,282.5m.
The buyer is Hong Kong based LKK Health Products Group Limited.
Robert Noel, Chief Executive of Landsec, said: “Our decision to sell 20 Fenchurch Street at an exceptional price and return cash to shareholders reflects our disciplined approach to the use of capital.
“The building has been an immensely successful project for Landsec and our partners.
“Its development in 2010 was part of Landsec’s major speculative development programme in the capital, which has seen the completion of 3.1 million sq ft of office and retail space, thousands of jobs sustained in the construction industry, and considerable improvements to public spaces.
“This sale crystallises the significant value we have created at 20 Fenchurch Street.
“While we will be returning cash to shareholders as a result of the sale, our gearing will remain unchanged from current levels, ensuring we retain our significant firepower.
“This will allow us to move quickly to capitalise on opportunities whenever they might arise.”
from Construction Enquirer http://www.constructionenquirer.com/2017/07/27/walkie-talkie-sold-to-hong-kong-buyer-for-1-28bn/
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