Landsec markets iconic Piccadilly Circus Lucent site at £450m guide price

Landsec has formally brought the Piccadilly Circus island site to market, signalling a significant capital recycling exercise by the REIT. The 1-acre freehold site includes the newly developed Lucent mixed-use building (offices, retail, leisure) and the land underpinning the Piccadilly Lights digital advertising screen. Landsec will retain control of the Piccadilly Lights operating income via a 250-year leasehold, limiting buyer exposure to that revenue stream while retaining the trophy freehold appeal. Landsec (seller, one of the UK's largest REITs); Savills (selling agent); Lazard (investment banking adviser). No buyer identified at time of listing. No acquisition financing identified; deal at marketing stage as of 26 March 2026. Buyer financing terms TBD.