LaSalle acquires London property from Blackstone for EUR 32m

LaSalle Investment Management announced on Friday that it has purchased 100 Middlesex Street, London, E1 from Blackstone, in conjunction with Generation Estates on behalf of a pension fund client. The property was sold for £26.5 mln (almost EUR 32 mln), reflecting a net initial yield of 5.5%.

Designed by architects TP Bennett and covering approximately 5,714 m2, 100 Middlesex Street is a recently constructed, stand-alone building which forms part of the larger Middlesex Street development and includes the newly-completed, 33-storey, Nido Student tower.

The office accommodation is let for a term of 20 years to INTO UEA (London Campus) and is guaranteed by the University of East Anglia. There are two groundfloor retail units let to The Japanese Canteen and Tinderbox. In addition, there is a gym which is let to Fitness First located on the part ground and lower ground floors.

Richard Debney, director at LaSalle Investment Management said, 'We are absolutely delighted to have completed the acquisition of 100 Middlesex Street which was let at the bottom of the rent cycle in mid 2009 and includes fixed and RPI based rental uplifts. The property is an important addition to our portfolio.'

GM Real Estate advised Blackstone while LaSalle were advised by Savills.