BMO Commercial Property Trust (BCPT) has sold the Cassini House office building in London for £145.5m (€170.8m) to an unnamed buyer.
The LSE-listed investment trust said the disposal is in line with the strategy of rebalancing the portfolio and the company will carefully consider the use of the proceeds in the best interests of all shareholders.
“This includes further share buy-backs as well as property acquisitions and capital expenditure opportunities in the existing portfolio where planning consent has been achieved.”
Richard Kirby, lead manager at BMO Commercial Property Trust, said: “Following a competitive bidding process in which the company received several high-quality proposals, we are pleased to achieve a strong net initial yield of 3.2% for this trophy property and crystallise significant value for the portfolio.
“This disposal will allow the company to promptly recycle capital in a strong pipeline and adjust sector weightings. We look forward to providing a further update of the use of proceeds in due course.”
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