The Crown Estate has acquired the freehold interest in Princes House, a cluster of buildings at St James's in London, for £87 mln (EUR 111 mln). The deal represents an earnings yield of 4.74%. The vendor is Aviva Investors.
The Crown Estate has acquired the freehold interest in Princes House, a cluster of buildings at St James's in London, for £87 mln (EUR 111 mln). The deal represents an earnings yield of 4.74%. The vendor is Aviva Investors.
The 81,000 sq ft (7,525 m2) property straddles Jermyn Street and Piccadilly and includes the headquarters of the UK charity British Academy of Film and Television Arts (Bafta), as well as a retail arcade with 16 units.
The investment forms part of the company's £500 mln St James's investment programme. 'It brings Princes House back into Crown Estate hands for the first time in 182 years,' the company said.
Cushman and Wakefield, Cluttons, and Burges Salmon advised The Crown Estate.
