Henderson Global Investors' Central London Office Fund (CLOF) has completed the sale of 7/8 St Martin's Place in London's West End for over £33 mln (EUR 38.8 mln). The transaction reflected a net initial yield of 6.77%.
Henderson Global Investors' Central London Office Fund (CLOF) has completed the sale of 7/8 St Martin's Place in London's West End for over £33 mln (EUR 38.8 mln). The transaction reflected a net initial yield of 6.77%.
The property was acquired by two Italian funds, RealEmerging and GEO Ponente, which are both managed by EstCapital, an Italian independent asset management company that specialises in closed-end real estate funds.
The 4,400m2 office building adjoins St Martin-in-the-Fields and is less than 100 metres from Trafalgar Square and other central London landmarks. The office space is let to Redwood Publishing and has six years remaining on the lease. There are also two ground level retail units which are let to the Post Office and Pret a Manger.
Henderson said the acquisition of St. Martin's Place is intended to provide EstCapital's funds with exposure to returns not currently obtainable on comparable assets in the Italian market.
Savills advised Henderson and Cushman & Wakefield represented EstCapital.
