IINO Kaiun Kaisha, a Japanese shipping group, has emerged as the buyer of 111 Strand in London in an off-market deal brokered by Knight Frank.
The asset was sold by Esas Holdings, a family-owned investment company from Turkey, for an undisclosed amount.
Esas bought the asset in 2018 for £46 mln, reflecting a net initial yield of 4.24%.
111 Strand comprises 37,781 ft2 of Grade A office and retail accommodation, arranged over lower ground, ground and six upper floors. The building occupies a prominent corner site with a 100 ft frontage on to the Strand. The building has recently undergone a comprehensive refurbishment, including the upgrading of the building’s end of trip facilities and achieving an EPC rating of B, compliant with the MEES 2030 target.
Ed Fairweather, partner at Knight Frank, said: '111 Strand represents our second acquisition in 2024 on behalf of Japanese capital, an investor group which is seeing London as comparatively good value and can benefit from Japan’s low interest rates. We expect to see significant further interest from Japanese investors in a wide range of real estate assets across Europe’s gateway cities in the year ahead.'
IINO Lines was advised by Knight Frank and CMS. The vendor was advised by Capreon / Boodle Hatfield.
