French-listed property investor Eurazeo and London-based Arax Properties have acquired Euston House in London NW1 from UK industrial property investor Stenprop.
The price reflects a net initial yield of 4.64%.
Situated opposite Euston station, the 113,000 ft2 (10,500 m2) office building is home to occupiers including Siemens, Learning Tree International and i2 Offices. The building, formerly the headquarters of the British Rail Property Board Offices, was brought to market by Gerald Eve in September 2018.
'Stenprop has been making a strategic transition into a 100% multi-let industrial business, and this sale is the final piece of the jigsaw, with the company owning no more central London office space as a result,' said Lloyd Davies, partner at Gerald Eve who oversaw the sale.
'Euston is an area that has grown in popularity in recent years, a shift that generated considerable buyer demand for this asset,' Davies added.
Gerald Eve advised Stenprop.
