Land Securities has sold an office complex near London’s City financial district for £131.5m, generating an indicative rental yield of around 4.6%.

The sale, to the Ontario Teachers’ Pension Plan Board, is one of a few £100m+ commercial property transactions since the global credit squeeze added to worries about a UK property slowdown.

Land Securities did not disclose the price it originally paid for the asset in July. The property is let to a range of occupiers including JP Morgan, Skanska AB, Virgin Media and Svenska Handelsbanke, and generates a current annual rental income of around £12.1m.
Land Securities is the UKs biggest real estate investment trust while the Ontario Teachers Pension Plan is managed by the Cadillac Fairview Corporation, one of North Americas largest investors, owners and managers of commercial real estate.