Britain's biggest property company, Land Securities, has sold its Portman House retail and office building on London's Oxford Street to a Libyan state-backed investor for 155 million pounds ($254.8 million).
The multi-let 146,550 square foot (13,615 square metre) building in the heart of the West End shopping district has been bought by Kinloss Property Limited, a wholly owned subsidiary of the Libyan Foreign Investment Company (LAFICO).
The asset generates a total rent of 11.5 million pounds a year and is held on a long lease from The Portman Estate on a term expiring in 2152.The purchase price reflects an annual income yield of just over 7 percent.
The acquisition of Portman House comes about six months after the Libyan Investment Authority agreed to buy a 172,000 square foot office building in London's City financial district for 120 million pounds.
I personally think it’s a good opportunity for Libya’s LAFICO to invest some of its money into property in London and especially at the heart of Oxford Street.
The building (If you do not know) is located at the corner of Oxford Street and Portman Street, just in front of Next and Primark. There are several retails shops belong to the building such as New Look, Boots, River Island etc.
The building (If you do not know) is located at the corner of Oxford Street and Portman Street, just in front of Next and Primark. There are several retails shops belong to the building such as New Look, Boots, River Island etc.
(Reuters & SOC Libya)
Photos taken by Tarek Alwan, on 03/07/2009
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