BNP Paribas Real Estate Investment Management (REIM) Germany has sold an office building in the City of London to an unidentified Asian investor for £92.5 mln (€105 mln).
BNP Paribas REIM said that Pinners Hall, dating from 1993, was sold above the current market value.
CBRE acted as broker and law firm Eversheds Sutherland provided legal advice to the vendor.
Pinners Hall is located in the heart of the City corel, close to Liverpool Street station and iconic landmarks including the Bank of England.
The prominent corner building encompasses just over 10,000 m2 of rental space, which has undergone modernisation over the past several years and is currently fully let.
The main tenants are from the financial sector, Deutsche Bank, British Bankers' Association and Banco do Brasil. The leases have a weighed average lease term of about six years.
Stephen Pearson, head of City investment, CBRE, commented: 'This purchase is yet another example of the continued demand from overseas investors for prime London real estate, particularly from Asia. The capital remains one of the world’s most pre-eminent destinations, despite short-term political uncertainties and is at the forefront of on-going investment strategies.'
