Landsec has exchanged contracts for the sale of 21 Moorfields EC2 to an investment vehicle managed by global real estate and investments group, Lendlease. The total consideration for the sale amounts to GBP 809 million, which, after outstanding development-related items results in a net cash receipt to Landsec of GBP 733 million. Rothesay is providing financing for the acquisition with a 10 year senior term loan.21 Moorfields is a premium 568,500 square feet London office development fully pre-let to Deutsche Bank on a 25 year lease, with an annualised net rent of GBP 38 million. Built directly above Moorgate station, the asset is targeting sustainability ratings of BREEAM Excellent and LEED v3 Gold. Landsec will retain the responsibility for completing the development, with practical completion expected in Q1 2023. Lendlease will manage the investment vehicle, on behalf of its investment partners including Australia’s TCorp and its own minority interest.
Landsec has exchanged contracts for the sale of 21 Moorfields EC2 to an investment vehicle managed by global real estate and investments group, Lendlease. The total consideration for the sale amounts to GBP 809 million, which, after outstanding development-related items results in a net cash receipt to Landsec of GBP 733 million. Rothesay is providing financing for the acquisition with a 10 year senior term loan.21 Moorfields is a premium 568,500 square feet London office development fully pre-let to Deutsche Bank on a 25 year lease, with an annualised net rent of GBP 38 million. Built directly above Moorgate station, the asset is targeting sustainability ratings of BREEAM Excellent and LEED v3 Gold. Landsec will retain the responsibility for completing the development, with practical completion expected in Q1 2023. Lendlease will manage the investment vehicle, on behalf of its investment partners including Australia’s TCorp and its own minority interest.
