Landsec nears £90m deal for South Bank site

Landsec is understood to have exchanged contracts with Gaterule to acquire 25 Lavington Street, SE1, for between £85-90m. Landsec saw off competition from the likes of Delancey, Derwent and Brookfield to advance the deal. Gaterule, the property investment business run by the Oestricher family, instructed CBRE at the beginning of October to look for circa £80m for the 1.6 acre freehold South Bank site near Blackfriars Bridge and the Tate Modern. Consisting of two office buildings, one a former printworks, 25 Lavington Street provides 132,804 sq ft of office space. The smaller of the two buildings is occupied by serviced office