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LONDON-One Wood St., the mixed-used property completed in 2007, is changing hands for a €122-million price. UK REIT Land Securities is exchanging the leasehold with Glenn Arrow UK Property Fund.

The property consists of 15,020 square meters of office space is occupied by Evershed Properties, while and 1,500 square meters of retail is held at a total rent of 8.4 million pounds per annum. The property itself is leased long-term for the next 156 years to the City Parochial Foundation at a rent adjusted to 10.85% of rental income.

Citigroup is paying 3.4 million pounds each year until December 2010, in additional income retained by Land Securities. According to a statement from Richard Linnell of Investment Mangement for Land Securities, “The quality of the building and the strength of the income stream has enabled us to achieve an excellent investment result.”

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