November 20, 2014
Land Securities has taken full control of Thomas More Square, in London’s E1 for £85.3 million. It acquired the 50 per cent share it doesn’t already own from an affiliate of its joint venture partner the Ontario Teachers’ Pension Plan Board. The Thomas More Square Estate, which is located between St Katharine Docks and London Dock – totals approximately 4.2 acres and includes six office buildings incorporating retail, leisure and parking. Land Securities was granted planning permission in June 2014 for a comprehensive refurbishment of Building 3 at Thomas More Square and a redesign of the estate’s public realm. The plans for the 570,000 sq ft estate include 200,000 sq ft of fully refurbished office and retail space in Building 3 which will include a new double height entrance and an extensive business lounge. Tenants Ipsos MORI and Mitsui O.S.K. Lines (“MOL”) have already let 97,000 sq ft of Building 3 on 15 year leases with 10 year breaks; while a further 100,000 sq ft will be available from mid-2015.
Tom Elliott, Head of Portfolio, City, said: “Thomas More Square is in a strong fringe City location and this acquisition gives us full control as we completely redesign the public realm and introduce new retail space. The recent lettings to Ipsos MORI and MOL demonstrate the rising demand for great space in this part of London.”