By Anthony O. Goriainoff

Land Securities Group PLC said on Friday that it has agreed on the sale of a property in London to Blackstone European Property Income Fund for 196.5 million pounds ($262.7 million).

The London-listed commercial-property developer and investment company said the sale of 6-9 Harbour Exchange--located in the Docklands area--was in line with its strategy to accelerate growth through recycling capital into higher return opportunities and give investors a combination of income and growth-driven returns.

The company said the sale was unconditional and that completion was expected before the end of 2021.

"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," the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com