Fund manager Blackrock has purchased an office building in London for £56 mln (€78 mln).
Fund manager Blackrock has purchased an office building in London for £56 mln (€78 mln).
Blackrock's UK Property Fund purchased The Atrium building on Harefield Road in the Uxbridge district of the UK capital from Aviva Investors.
The Atrium is a 138,000 sq ft (12,820 m2) multi-let office property with tenants including Anadarko, PwC and Insight Direct. The asset provides a net initial yield of 5.7% and has a capital value of £405 per sq ft.
Justin Brown, portfolio manager at Blackrock, said: 'This is a quality, core investment for the portfolio that will prove resilient in all market conditions. Uxbridge is a historically stable market, particularly within the office sector, and as such attracts premier tenants.
'The Atrium is one of the best multi-let office properties in the South East. It offers attributes that are difficult to replicate in modern buildings, providing atrium space, strong natural light and car parking which are all attractive characteristics to long term premier tenants.'
Bray Fox Smith acted as agent for Blackrock and Strutt & Parker advised Aviva.