German fund manager IVG Institutional Funds has completed the acquisition of the 20 Cannon Street office scheme in the heart of the City of London from a joint venture of developer Allied London and fund manager Aerium. The deal amounts to around £30 mln (EUR 37 mln), and is understood to reflect a yield of 5.2%.
German fund manager IVG Institutional Funds has completed the acquisition of the 20 Cannon Street office scheme in the heart of the City of London from a joint venture of developer Allied London and fund manager Aerium. The deal amounts to around £30 mln (EUR 37 mln), and is understood to reflect a yield of 5.2%.
20 Cannon Street is a state-of-the-art office development which was completed by Allied London and Aerium in June 2012. The building is situated on a highly prominent island site between St Paul’s Cathedral and the Bank of England.
The fully glazed building provides 38,800 sq ft (3,600 m2) of office space over six floors with a roof terrace overlooking St Paul’s Cathedral. The property also benefits from a BREEAM excellent rating and provides basement parking for 6 cars and 50 bicycles. Prior to practical completion, the offices were pre-let to a leading international consultancy firm on a 15 year lease and it will serve as their new global headquarters.
IVG Institutional Funds was represented by Knight Frank and CBRE. Aerium and Allied London were advised by Franc Warwick and Savills.
