A joint venture between Development Securities and Proprium Capital Partners has acquired the long leasehold interest in a 13,600 m2 office building in London's Waterloo district for £87.0 mln (€107 mln).
A joint venture between Development Securities and Proprium Capital Partners has acquired the long leasehold interest in a 13,600 m2 office building in London's Waterloo district for £87.0 mln (€107 mln).
The deal reflects a 5.1% net initial yield.
Under the terms of the joint venture, Development Securities has taken a 15% equity stake in the project with Proprium taking the remaining 85%.
Becket House is a 12-storey office building let on a 12.5 year unexpired lease to financial services firm EY. Guy's and St. Thomas' Charity own the freehold to the property and 137 years remain on the long leasehold.
'Similar to our recent investments in Delhi and Edinburgh, this acquisition is part of our continued strategy to back best-in-class real estate operators in unlocking value in high quality assets in city centre locations,' commented Philipp Westermann, Proprium's head of Europe.
