The U.K.'s Royal Mail sold two of its seven plots in London's Nine Elms district to U.S.-based Greystar for £101 million, City A.M. reported.
The deal, which covers plot B and D, includes 2.67 acres of land, where Greystar plans to build high-end private rental apartments. The plots had a net book value of £12.9 million, the June 3 report noted.
The postal services company will use £30 million of the sale proceeds to invest in its five remaining Nine Elms plots in a bid to push up "future sales values."
Earlier in 2017, Royal Mail put the Mount Pleasant site in Farringdon, London, up for sale, while in 2014, it sold a one-acre plot in Paddington, London, for £111 million, the report noted.