Wolfe Assset Management, an investor of Middle Eastern capital, has acquired the freehold of The Peak, an office building opposite Victoria train station in London, from TH Real Estate in an off-market transaction.
The investment volume of £145m (€172 mln) reflects a net initial yield of 4.27%. CBRE and Taylor Wessing acted for the buyer, while JLL and Eversheds acted for TH Real Estate.
The Peak comprises almost 9,300 m2 of office and retail accommodation. Developed in 2009, the building's tenants include Bank of Scotland, PetroChina and Guggenheim Capital.
The property was owned by Cityhold Office Partnership, the pan-European office joint venture formed by US financial services giant TIAA-CREF and Swedish national pension funds, AP 1 and AP 2, in 2015. TH Real Estate is owned by TIAA.
