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CapCo sells Empress State Building in central London for £250M

Capital & Counties Properties PLC sold the 451,000-square-foot, 31-story Empress State Building in central London's Earls Court district to the property's long-term occupant, the Mayor's Office for Policing and Crime, for £250 million in cash.

The transaction is forecast to generate roughly £248.5 million in net cash proceeds for the central London-focused property investment and development company. In exchange for satisfying certain conditions in the future, Capital & Counties will be able to retain certain adjacent land interests and be paid an additional £10 million.

The company will use the cash proceeds for general corporate purposes, including investment in its central London estates.