Land Securities Group has announced the sale of an office and data center property located in the Canary Wharf side of London. The sale price of the property is £196.5 million ($262.82 million). Equinix is currently occupying the property as its LD8 IBX data center. Land Securities Group sold the property to Blackstone European Property Income Fund. The transaction is expected to be completed before the year runs out.
Managing Director Central London at Land Securities Group, Marcus Geddes, commented on the deal. He said the sale of the property is in tune with the company’s strategy. Geddes noted that the disposal of the Harbour Exchange property helps the firm recycle capital into opportunities that can allow Land Securities to drive growth and returns for its investors. Equinix currently has an unexpired lease term of close to twenty years at the property. The data center offers up to 12MW of capacity and 70,000 square feet of colocation space.
