Cordea Savills has acquired the Camomile Court office property in London for £37.5 mln (EUR 47 mln), reflecting a net initial yield of 6.15%. The asset was purchased for the company's European Commercial Fund from MBK Real Estate.
Cordea Savills has acquired the Camomile Court office property in London for £37.5 mln (EUR 47 mln), reflecting a net initial yield of 6.15%. The asset was purchased for the company's European Commercial Fund from MBK Real Estate.
The recently renovated 7,150 m2 office building is located next to Heron Tower in the City of London. Tenants include Westpac Banking Corporation and Orc Software.
Savills and Jones Lang LaSalle advised in the transaction.
The European Commercial Fund owns 13 office, retail and logistics properties in six countries. The portfolio is valued at EUR 430 mln and the fund has a further EUR 100 mln for further investment. The fund targets a net return of 7%.
