GE Real Estate UK and Endurance Land (EL) have bought an office building in the heart of London's Soho district. The two investment partners purchased the 4,370 m[sup]2[/sup] asset from Coronation for £51 mln (EUR 75 mln). The office, located at 10 Great Pulteney St, comprises seven floors of offices and five residential apartments. The property is wholly let to Microsoft, which has, in turn, sublet the building to Nokia. The property generates a passing rent of over £2.3 mln per annum, but it offers possibilities for further rental growth, GE RE said in a statement.
GE Real Estate UK and Endurance Land (EL) have bought an office building in the heart of London's Soho district. The two investment partners purchased the 4,370 m2 asset from Coronation for £51 mln (EUR 75 mln). The office, located at 10 Great Pulteney St, comprises seven floors of offices and five residential apartments. The property is wholly let to Microsoft, which has, in turn, sublet the building to Nokia. The property generates a passing rent of over £2.3 mln per annum, but it offers possibilities for further rental growth, GE RE said in a statement.
Endurance Land, a privately owned property company run by Jonathan Fletcher and Angus Robsob, has been appointed to manage the site. This transaction represents the second joint acquisition by the two investors. CB Richard Ellis represented GE and EL. Knight Frank acted for Coronation.
