BRIEF-Land Securities to sell Princesshay, Exeter for 127.9 mln stg

2014-10-11

Oct 10 (Reuters) - Land Securities Group Plc

* Land Securities exits Princesshay, Exeter and takes full control of Buchanan galleries, Glasgow

* Has exchanged contracts to sell its 50% stake in Princesshay shopping centre and surrounding properties in Exeter totalling 589,000 sq ft, to TIAA Henderson Real Estate for £127.9 million

* Simultaneously buy TIAA Henderson Real Estate's 50% stake in Buchanan galleries, Glasgow for £137.5 million.

* Existing 50% interest in Buchanan galleries currently produces a net rental income of £7.5 million Source text for Eikon: Further company coverage: