F&C Commercial Property Trust (FCPT) has disposed of an office building in London’s West End district for £49 mln (EUR 61 mln).
F&C Commercial Property Trust (FCPT) has disposed of an office building in London’s West End district for £49 mln (EUR 61 mln).
The property at 84 Eccleston Square has been sold to a private investor with the purchase price reflecting a net initial yield of 6.13%.
The 6,210 m2 of office accommodation is principally let to two tenants, Lafarge Cement UK and APL Group, on co-terminus leases expiring in March 2014.
Commenting on the deal, Richard Kirby, fund manager of F&C Commercial Property Trust, said: ‘Given the current strength of the West End market and the significant lack of future development opportunities, we identified 84 Eccleston Square as a sale opportunity given its shorter income profile. This disposal will enable us to recycle capital into a variety of new and existing ventures which are better aligned with our existing strategic objectives.’
F&C REIT Asset Management advised FCPT on the disposal. F&C REIT was assisted by Knight Frank.
