Cordea Savills snaps up London office

Investment manager Cordea Savills has acquired an office building in the City of London for £40 mln (€46.8 mln) on behalf of a private family office.

The property was acquired at a net initial yield of 6% from Grainmarket Asset Management.

The recently refurbished office building at 29 Clement’s Lane (also known as 33 Lombard Street) comprises around 4,600 m2 and is let to Integrated Financial Arrangements for 10 years.

Chris Lewis, director of investment, commented: 'The asset fulfilled our client’s requirements for a prime freehold building with long-term underlying value and a strong occupational history.'

Cordea Savills was advised by Springer Nicolas and Savills, with Hall Kemp acting behalf of the vendor.