UK investment manager Hermes said on Wednesday that it has completed over £100 mln (€120 mln) of sales, which were exchanged before the EU referendum on 23 June.
As part of its joint venture with Canada Pension Plan Investment Board (CPPIB), Hermes Investment Management has completed the sale of the freehold interest in Cheapside House, 138 Cheapside in the City of London to Nan Fung, a Hong Kong property investor and developer, for £83.5 mln.
The fully-let building provides 69,593 (6,465 m2) of office and 10,733 sq ft of retail and ancillary accommodation and has direct views on St Paul’s Cathedral. The deal represents a blended net initial yield of 5.20% and a capital value of £1,028 per sq ft.
The investment manager has also completed the sale of an industrial estate in the West Midlands for £13 mln to an undisclosed purchaser and a retail property in Kent for £4 mln.
Chris Taylor, head of private markets at Hermes Investment Management, said: 'The sale of these three assets is an excellent result as they will allow us to diversify our portfolio and invest in new acquisitions where we believe additional value can be added.'
