A fund managed by Aberdeen Standard Investments has sold an office and retail property in London for £70.8m (€81.1m).

The Standard Life Pooled Property Pension Fund has sold its long leasehold interest in 60 Gresham Street, an office and retail property in the City of London, to an undisclosed buyer.

The asset was acquired in 2012 for £47.3m. 

David Stewart, the fund manager, said: “This deal fits with our strategy to dispose of assets where we have realised our business plan objectives.

“The proceeds are being recycled into our redevelopment of the Farmiloe Building in Farringdon, an exciting restoration / new build project which will complete in the third quarter of  2019, shortly after the opening of Crossrail.”

The 60,916sqft building is multi-let.