Aberdeen Standard Investments' 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, for £70.75 mln (€81 mln).
The purchaser was not named.
'This deal fits with our strategy to dispose of assets where we have realised our business plan objectives,' said David Stewart, fund manager. 'The proceeds are being recycled into our redevelopment of the Farmiloe Building in Farringdon, an exciting restoration / new build project which will complete in Q3 2019, shortly after the opening of Crossrail.'
The 60,916 ft2 (5,659 m2) building is multi-let to a range of occupiers including 4Most Europe, a credit risk consultancy, Trium Capital, an investment manager, i2 Office, a serviced office operator and the Anthologist bar and restaurant.
Since purchasing the building in 2012 for £47.25 mln (€54 mln), the fund has undertaken a number of asset management initiatives, including refurbishment and re-letting of the fourth and fifth floors.
BNP Paribas acted for the Standard Life Pooled Property Pension Fund, CBRE represented the purchaser.
