LaSalle Investment Management has acquired the long leasehold interest in 1-4 Connaught Place in London for over £22.5 mln (EUR 26 mln). The vendor was international property company Redevco.
LaSalle Investment Management has acquired the long leasehold interest in 1-4 Connaught Place in London for over £22.5 mln (EUR 26 mln). The vendor was international property company Redevco.
The predominantly office property was extensively refurbished by Redevco in 2009 to provide 2,787 m2 of Grade A accommodation over seven floors.
The property was let throughout 2010 to six different tenants on leases expiring in either 2015 or 2020 and at headline rental levels of around £45 per sq. ft. The building also includes 10 residential units which were sold off in 2009-2010.
Redevco was represented by Jones Lang LaSalle, while LaSalle was represented by Franc Warwick. Redevco is an independent international real estate company, managing and developing one of the largest retail portfolios in Europe, currently valued at EUR 7.5 bn.
