HSBC Private Bank, acting for private clients, has acquired UBS Global Asset Management's office property at 160 Tooley Street for about £135 mln (EUR 181 mln), Property Week has reported. The transaction reflected an initial yield of around 5.25%.
HSBC Private Bank, acting for private clients, has acquired UBS Global Asset Management's office property at 160 Tooley Street for about £135 mln (EUR 181 mln), Property Week has reported. The transaction reflected an initial yield of around 5.25%.
Southwark Council has signed a 25-year lease for the 18,580 m2 building at EUR 412 per m2 (£38.50 per sq ft) and will move in early next year. The council will pay around £7.5 mln (EUR 10 mln) in total rent per year.
The building was first put up for sale in November for approximately £ 140 mln (EUR 188 mln). Tudor Toone acted on behalf of UBS and Whitmarsh Holt Young advised HSBC Private Bank.
