GIC RE--the short form for Singapore Investments--has been keen to gain exposure in the city office market and was an under-bidder for Matsushita Investment & Development's MidCity Place, WC1, which was sold to Delancey for euro 316.3 million ($409 million) earlier this year.
The price realizes, "the value that we created through its development and subsequent letting to Dresdner Kleinwort Wasserstein," states Mike Hussey, managing director of LandSec's London portfolio. "Land Securities plans to reinvest the receipts in other opportunities in the London market."
The latest deal reinforces research by Cushman & Wakefield Healey & Baker, which predicts that the City of London is heading for another record year in investment property. The report tracked euro 3.9 billion ($5 billion) of deals in the first quarter. The figure is more than half the euro 8.1 billion ($10.5 billion) for the whole of last year.
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