The joint venture between Swedish pension funds and US financial services group TIAA has sold a London office for £292m (€344m).
The €4bn Cityhold Office Partnership, created in 2015 and managed by TH Real Estate to target European core assets, sold One Kingdom Street at a net yield of 4.86%.
The building was bought by Hong Kong company CC Land Holdings in an off-market transaction.
Jasper Gilbey, fund manager of the Cityhold Office Partnership, which was set up by AP1, AP2 and TIAA, said the proceeds of the sale will be reinvested this year.
He said there would be a focus on “gateway continental European cities such as Berlin, Munich, Paris and Madrid”.
The 264,898sqft building, in Paddington Central, is let to tenants including Vodafone, Shire, Mysis and Statoil.
The weighted average unexpired lease term is 6.5 years.
The sale followed the divestment of The Peak building in an off-market deal at a net 4.27% yield late last year.
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