LONDON (ShareCast) - Property giant Land Securities (LSE: LAND.L - news) has sold Portman House, a retail and office property located
on Oxford Street in London.
The building has been sold to Kinloss Property, a wholly owned subsidiary of the Libyan Foreign Investment Company, for £115m, a price which implies a yield of just over 7%. The building provides a total rent of £11.5m per annum.
Retailers operating in the building include New Look, Russell & Bromley and Boots (LSE: AB.L - news) the Chemist.
The office space is located on the second to seventh floors and is set on leases with three to seven years unexpired and passing rents of £49.50 to £80.00 per square foot.
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