European Fund Manager Ærium has completed the sale of 40 Portman Square in London's West End for £181 mln (EUR 213 mln), reflecting a net initial yield of 5.57. The transaction marks one of the largest office deals in the West End market in 2010.
European Fund Manager Ærium has completed the sale of 40 Portman Square in London's West End for £181 mln (EUR 213 mln), reflecting a net initial yield of 5.57. The transaction marks one of the largest office deals in the West End market in 2010.
The mixed-use property which comprises 122,403 sq ft (approximately 12,000 m2) of offices and 20 residential apartments was acquired for clients of ING Real Estate Investment Management. The property includes 14 years unexpired term on the office leases.
The purchase of this property demonstrates increasingly heightened demand for prime London property from institutional and foreign investors.
Franck Ruimy, Chief Executive Officer at Ærium Finance, said: 'We are very pleased to complete this transaction which demonstrates Ærium’s ability to enter the UK market in 2009 and unlock value in a very short period of time for our investors. This is a fantastic deal for Ærium’s investors and for the purchaser.
CB Richard Ellis represented Ærium and ING Real Estate Investment Management was advised by Hanover Green and Oxygen Asset Management.