London-based Land Securities Group would be selling GBP 315 million or USD 502 million worth of office properties located in the South Bank. The buyer will be M&G Real Estate, a unit of M&G Group. Land Securities Group is the biggest real estate investment trust in terms of market value in the UK.

In a statement, Land Securities said M&G Real Estate would be purchasing offices found at Bankside 2 & 3. The unit would also buy stores found on Bankside 1, which is located near the Tate Modern Art Gallery. The office buildings had 380,000 square feet of space, while the shops had 73,000 square feet.

Scott Parsons, the Head of London Property of Land Securities said the sale would give the company strong returns. The move was also in line with their strategy of re-investing proceeds of sales. As the London economy improves, Bloomberg reported that Land Securities had also been exiting its real estate investments and putting money in developments.