CLS has conditionally exchanged on the sale of Westminster Tower on Albert Embankment in London to London Square Group for £40.8m.
The sale price is in line with the asset’s 31 December 2023 valuation and the deal is expected to complete in Q2 2024.
London Square Group intends to convert the office building into residential. Westminster Tower already benefits from planning permission for a residential redevelopment of the existing building, including the construction of three additional floors.
Fredrik Widlund, chief executive officer of CLS, said: “We remain focused on having the highest quality, sustainable, modern offices in our locations. Westminster Tower was no longer suitable for the modern office tenants we look to service, but is a prime opportunity for residential conversion, and I wish London Square all the success with the conversion. The disposal is in line with our strategy to reduce leverage and we will continue to pursue potential disposals in the months ahead.”
A spokesperson for London Square Group added: “The acquisition of Westminster Tower is an outstanding addition to our growing portfolio of sites, reflecting our ambition to extend the presence of London Square in prime central London. It stands next to the Thames, with views right across to the Palace of Westminster, Big Ben and other historic landmarks and will offer a collection of unrivalled residences in the heart of the capital.”
JLL advised CLS on the transaction.
