Henderson Global Investors, acting on behalf of its German joint venture, Warburg-Henderson, has completed the sale of an office building in London to UBS Global Asset Management.

Henderson Global Investors, acting on behalf of its German joint venture, Warburg-Henderson, has completed the sale of an office building in London to UBS Global Asset Management.

The investment volume for the long leasehold interest in 158-164 Bishopsgate came to £29.2 mln (€35.2 mln), reflecting a net initial yield of 4.94%.

Formerly a Victorian fire station, the 4,239 m2 property was redeveloped in 1998 and underwent a further office refurbishment in 2011.

The multi-let space is held on a long lease from the Goldsmiths' Company with 156 years remaining at a gearing of 10.5%. Approximately 60% of the income comes from a retail unit on the ground and basement floors which are leased to Tesco for a further 10 years.

Henderson was advised by Deloitte Real Estate and UBS was advised by Oxygen Asset Management.