Private wealth manager Jaguar Capital has sold 5,000 m[sup]2[/sup] of office space in the City of London to Invesco for EUR 61 mln. The property, at 60 St. Mary's Axe, was bought by Jaguar for EUR 42 mln in July 2003. Jaguar's head of property investment, Dermot Maguire, confirmed that the move was strategic: 'Since acquiring 60 St. Mary's Axe, the property has benefited from both yield compression and an uplift in City market rents. With the principal lease approaching 11 years to expiry, it was decided prudent to realise the profit on this investment now.' The building is let to Threadneedle Asset Management.
Private wealth manager Jaguar Capital has sold 5,000 m2 of office space in the City of London to Invesco for EUR 61 mln. The property, at 60 St. Mary's Axe, was bought by Jaguar for EUR 42 mln in July 2003. Jaguar's head of property investment, Dermot Maguire, confirmed that the move was strategic: 'Since acquiring 60 St. Mary's Axe, the property has benefited from both yield compression and an uplift in City market rents. With the principal lease approaching 11 years to expiry, it was decided prudent to realise the profit on this investment now.' The building is let to Threadneedle Asset Management.
The sale, which represents a net initial yield of 4.6%, builds on the Irish firm's success in London. Last month Jaguar announced the purchase of Becket House on the South Bank, let to Ernst & Young for a further 19 years, for EUR 144 mln.