Commercial property developer Land Securities Group will sell Harbour Exchange to Blackstone for £196.5 million.

According to Landsec, the sale to Blackstone European Property Income Fund will be completed before the end of the year.

Constructed in 1989, Harbour Exchange comprises 278,198 sqft of office space and a data centre, currently occupied by Equinix – which has an unexpired 20-year lease on the site.

“The sale of Harbour Exchange is very much aligned with our strategy,” said Marcus Geddes, Managing Director Central London at Landsec.

“Through this disposal we are recycling capital into opportunities where we can bring to bear Landsec’s skills and expertise to drive growth and returns for our investors.”