Legal & General Property (LGP), acting on behalf of its Managed Fund, has acquired the freehold interest in Bechtel House in Hammersmith, London from CBRE SPUK III.
Legal & General Property (LGP), acting on behalf of its Managed Fund, has acquired the freehold interest in Bechtel House in Hammersmith, London from CBRE SPUK III.
LGP paid £42.2 mln (EUR 54 mln), reflecting a net initial yield of 9.8%.
Situated in the centre of Hammersmith, Bechtel House is a headquarters office building and provides 15,260 m2 over ground and eight upper floors. The asset is currently let to Bechtel Limited on a lease expiring in 2014. The construction engineering company has occupied the building since it was developed in the early 1980s and currently pays a passing rent of £4.4 mln per annum. Sub-tenants include Accor UK Business & Leisure Hotels Limited, UK Channel Management and Virgin Media.
Tudor Toone acted for LGP and CBRE acted for CBRE SPUK III.
