An unnamed Hong Kong firm is forking out £152 mln (€170 mln) to acquire the office scheme at London's 10 Grosvenor St in a deal reflecting a 3.7% yield
The asset, located in the heart of London’s West End, was sold by Grosvenor Europe, acting on behalf of Grosvenor London Office Fund (GLOF).
Grosvenor Europe, one of four operating companies of the privately owned international property business, Grosvenor Group, initially acquired 50% of the asset on behalf of GLOF in 2007 and purchased the remaining 50% in 2014 from Hammerson for £54 mln.
The building provides 65,000 sq ft (6,000 m2) of office space and was recently refurbished by Grosvenor in 2016. The building is let to a number of high quality tenants including HIG.
Scott Rowland, the fund manager who led on the sale negotiations, commented: 'This sale underpins the manager’s value add strategy of recent years, namely buying fundamental good buildings undertaking refurbishments and re-letting and then selling. We are very proud of the asset we have produced and the returns we have delivered to the investors in GLOF.'
Grosvenor was advised by Knight Frank the buyer was advised by Michael Elliott.
