SINGAPORE (EDGEPROP) - British property developer Landsec has sold 1 and 2 New Ludgate to Singapore-based developer Sun Venture for GBP552 million or $987.3 million.

Sitting on a site measuring 1.5 acres or 43,560 sq ft, the properties are next to Old Bailey with views of St Paul’s Cathedral, and provide a combined 389,615 sq ft of office and retail accommodation developed by Landsec in 2015.

1 New Ludgate offers 183,305 sq ft of office, retail accommodation while 2 New Ludgate offers 206,310 sq ft of office and retail accommodation, with offices leased solely to Mizuho Bank.

Annually, the contracted rental income of these assets is GBP23.7 million and the properties were valued as of March 31 at $977.2 million.

The deal is Sun Venture’s second UK acquisition. The first was that of One New Oxford Street from Nuveen Real Estate in July.

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Ricky Au, chairman of Sun Venture, says, “1 & 2 New Ludgate are best-in-class assets and we are pleased to have them in our portfolio. London remains attractive to investors taking a long-term view, and this second acquisition forms part of our strategy to expand our presence overseas.”

Completion of the acquisition will take place by the end of this month and proceeds will be used to pay debt before reinvestment into other growth opportunities.