GLOBAL - LV= Asset Management (LVAM) has sold a mixed retail and office block in central London to a private investor for £22.5m (€25.7m).

The property, close to the UK capital's Covent Garden, was developed by the asset manager at the beginning of the current millennium, with the retail unit let to clothes retailer Reiss through 2018.

The remaining three office units have leases expiring in three years' time.

In other London news, Scottish Widows Investment Partnership (SWIP) has sold its freehold interest in a centrally located office development to Legal & General Investment Management (LGIM) for £32.8m.

A third London deal was conducted by Jones Lang LaSalle on behalf of a south-eastern European client for £42m.

The residential property in south-west London was recently modernised and not advertised on the open market, being purchased directly from the developer.

The development, consisting of three retail units and five storeys of vacant office space above, is located in the district of Soho, with leases on the retail units running until at least 2022.

LGIM plans to refurbish the development, with the manager intending to improve its sustainability credentials along the way.

Meanwhile, Metric Property Investments has bought the Pierpoint Retail Park in Norfolk for £15.1m.

The REIT said it hoped to sub-divide several of the retail units once leases expired, increasing rental yield in the process.

The entire park is currently let to a number of clients, including banks and furniture outlet stores.

In other news, Aberdeen's European Balanced Property fund has acquired a joint office and commercial building in Munich's city centre for an undisclosed sum.

The development, previously owned by HIB Hamburgische Immobilien Handlung, was built in 1957 and recently refurbished. Its main tenant is Germany's Hypovereinsbank.

Moving to the US, AREA Property Partners has sold a Boston-based office tower to TIAA-CREF, a financial services company, for an undisclosed sum.

The 33-storey building is located in the city's financial district and was completed in 2004. It is currently 90% let to a number of tenants, including the US Securities and Exchange Commission.

Meanwhile, the Tamar European Industrial Fund has sold a Norwegian holding for NOK51m (€6.6m).

The warehouse in Drøbak was sold to the current occupant, marking the beginning of Tamar's Nordic sales programme, the company's managing director Rob Brook said.

Finally, SEB Asset Management has acquired an office building approximately 10 kilometres outside of Helsinki city centre.

Sold for €16m by OP Life Assurance, it currently is let to a single standing tenant, with the lease expiring in 2018.

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