Land Securities has announced that it has completed the sale of Turnstile House, High Holborn, London for £43.5 million to The Ascott Group, the international serviced residence group with presence in over 50 cities and more than 20 countries.

The 83,400 sq ft building is currently leased to The Ascott Group, which operates it as a 192-bed serviced residence, trading as Citadines London Holborn-Covent Garden. The property also includes three retail units.

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Gerald Lee, Ascott's Deputy CEO (Operations) said: "Ascott is buying this property because of its great location and the strong growth potential for serviced residences in London. The area has been attracting companies from the finance, media and banking sectors, and has an increasing number of office and retail developments. With the shortage of international class serviced residences to cater to the strong demand, we expect our property to continue to do well."

The sale proceeds will be recycled into the Land Securities Group business.

(CD/JM)