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Tuesday, March 24, 2015

Land Securities sells Times Square, London property to Blackstone, (NYQ: BX)

Britain's Land Securities Group Plc said it had struck a deal to sell its 95 percent stake in an office building in Times Square, London, to real estate funds managed by Blackstone Group LP for 268.4 million pounds ($400.5 million). The 380,000 square feet office building at 160-162 Queen Victoria Street is fully let until 2023 to six office tenants, which includes Bank of New York Mellon and law firm Dechert.

Blackstone Group LP (Blackstone) is an asset manager and provider of financial advisory services. Shares of BX fell by 0.85% or $-0.33/share to $38.36. In the past year, the shares have traded as low as $26.56 and as high as $39.62. On average, 4057950 shares of BX exchange hands on a given day and today's volume is recorded at 3361932.