Capital & Counties Properties (Capco) has acquired a mixed-use asset in London's Covent Garden for £67.5 mln (€75 mln).
Derwent Properties is the vendor of the freehold interest in Tower House, 10 Southampton Street, London.
'Covent Garden is a world class retail and dining destination and Southampton Street is an important gateway to the estate,' commented
Ian Hawksworth, chief executive of Capco.
'This acquisition is in line with our strategy to expand our footprint, acquire prime assets and invest in our estate,' added Hawksworth.
The corner property is located at the junction with Tavistock Street and produces an annual rental income of £3.1 mln across 53,700 ft2 which comprises 13,800 ft2 of retail, 37,000 ft2 of offices and 2,900 ft2 of residential accommodation.
Added John Burns, CEO of Derwent London: 'This disposal is in line with our June 2016 valuation and, with our total sales of £140 mln year to date, demonstrates our continued ability to recycle capital.'
