Reuters: Private Equity: PCP Capital to buy Land Secs site for $367 mln-source

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PCP Capital to buy Land Secs site for $367 mln-source Mar 28th 2012, 12:09 LONDON, March 28 | Wed Mar 28, 2012 8:09am EDT LONDON, March 28 (Reuters) - Private equity fund PCP Capital Partners is in talks to buy a central London site owned by UK developer Land Securities for 230 million pounds ($367 million), a source familiar with the deal said. Arundel Great Court, which is located near the River Thames, has planning permission for a 1 million square foot redevelopment to contain offices, shops, 150 apartments and a hotel. PCP Capital is headed by British dealmaker Amanda Staveley, a restauranteur turned go-to broker for the Abu Dhabi royal family, who is advising it on the talks to buy a stake in Royal Bank Scotland. Overseas property investors have stepped up their chase for prime London properties over the past year, attracted by the city's safe-haven status against an uncertain global economic outlook.

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