UK and Ireland-focused investor Green Property has sold 7 and 8 St James's Square in London for a reported £245.9 mln (€295 mln) to China's Shun Tak Group.
The two properties, which were acquired by Green in 2008 and then refurbished to provide 13,000 m2 of office space plus a few luxury apartments, comprise mainly new-build premises at 7 St James's Square and refurbished space in the Grade II listed 8 St James's Square next door.
According to the UK trade magazine Property Week, the buildings were sold at a yield of 3.69%.
'This sale highlights the resilience of very prime London properties in a post-referendum environment,' commented Mike Tapp, Green Property director. 'It is a reflection of the ongoing attractiveness of the West End as a target market for long-term international capital.'
Tenants include Société Général, Steve Cohen’s Point72 and Helly Nahmad Gallery.
CBRE and Nabarro advised Green Property, while BNP Paribas Real Estate and Norton Rose Fullbright advised Shun Tak.
