Orchard Street Investment Management is acquiring 60 Cannon Street in London EC4 for its Special Situations Fund. The transaction volume of £21.38 mln (EUR 25.3 mln) reflects an initial yield of 8.23%.
Orchard Street Investment Management is acquiring 60 Cannon Street in London EC4 for its Special Situations Fund. The transaction volume of £21.38 mln (EUR 25.3 mln) reflects an initial yield of 8.23%.
The vendor was ING Real Estate.
The property is a modern grade A office with retail on the ground floor. The office accommodation is let in its entirety to MWB Business Exchange for a further 12 years at a current rent of £41 per square foot. The retailers are Thomas Pink, Prêt A Manager and Eat.
This was the fourth acquisition this year for the Special Situations Fund and its first investment in the central London office market. The latest deal brings the total invested this year to £92 mln.
Chris Bartram, chairman of Orchard Street, said the fund has a capacity of £300 mln and expects to continue its investment programme throughout the remainder of 2009 and into 2010.
