Land Securities is selling its under-construction Park House office development in London’s Oxford Street to Barwa Real Estate.
According to reports, Barwa is paying £250 million for the 310,000 square foot building.
Under the terms of the deal, Barwa’s Qatari investors will get the site as well as a share of the profits and will shoulder the building cost in their entirety.
Land Securities’ share of profits from the transaction, which was negotiated by PC Capital Partners, will be capped at £50 million.
Park House is the largest development in Oxford Stree for 40 years and is expected to be completed by November 2012.
News of the latest investment in commercial property in the capital from Qatar-based businessmen comes after recent deals for Harrods and forthcoming Shard office development in London Bridge.