A closed-end fund managed by Hamburg-based investor MPC Capital has completed the sale of 265 Strand, a prime London Midtown office building.
A closed-end fund managed by Hamburg-based investor MPC Capital has completed the sale of 265 Strand, a prime London Midtown office building.
The freehold property located directly opposite the Royal Courts of Justice was acquired by NTT Urban Development Corporation, a subsidiary of Nippon Telegraph & Telephone Corporation, the Japanese telecommunications provider.
NTT paid a price of £77 mln (91 mln), which reflects a net initial yield of 5.94% and a capital value of £1,015 per sq ft.
The building was constructed in 2001 and pre-let, prior to completion, to Covington & Burling, a global law firm. The passing rent is £63.75 per sq ft and the unexpired term is 8.5 years.
MPC Capital were represented by Knight Frank; NTT were represented by DTZ.
