Landsec sells Ministry of Justice's London office for £245 million for luxury hotel makeover

Landsec has exchanged to sell its Queen Anne's Gate, SW1, office block to Arora Group for £245 million, with a major luxury hotel makeover planned.
 
In a stock market filing, Landsec said the sale of the Westminster landmark marks significant early progress in its stated objective to release £2 billion of capital from offices by 2030, as it refocuses on investing in residential and retail. It says this is part of its strategy to focus its portfolio on assets which can "deliver sustainable income and [earnings per share] growth over the long term".