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LONDON-Marks & Spencer has sold its recently completed development at 168 Fenchurch Street and 77 Gracechurch Street, London EC3 to Gracechurch Property, an XL Capital company, for 114.7 million ($190 million). M&S will take a leaseback on the retail element of the scheme.

The site which was purchased from Barclays Bank in 1997 was formerly the Headquarter buildings for Barclays, and was successfully developed by Marks & Spencer to provide a major City store together with 124,000 sf. of prime office space. The property had a book value of £93 million ($155 million) at 31 March 2003.

Marks & Spencer Property Director Chris Williams said: ‘The sale of the scheme, including the offices, to Gracechurch Property, allows us to recognise the value of the underlying asset, while the leaseback enables us to retain our retail store, to service our City customers.

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