Orion Capital Managers' Income Return Partners fund has sold 131 Finsbury Pavement in the UK capital to Royal London for £57.5 mln (€70 mln).

Orion Capital Managers' Income Return Partners fund has sold 131 Finsbury Pavement in the UK capital to Royal London for £57.5 mln (€70 mln).

Originally developed by Pidemco and Stanhope in 1999, the building totals 78,282 sq ft (7,273 m2) of Grade A office, retail and ancillary accommodation arranged over basement, lower ground, ground and eight upper office floors.

The office space is let in its entirety to OMX Technology until 2017 at a passing rent of £3.2 mln per annum. The majority of the offices are sub-let to other occupiers led by stockbrokers, Charles Stanley Group. The retail space is let until 2049 to Mitchells & Butler, trading as All Bar One, who are paying £80,000 per annum.

Bruce Bossom, founding partner at Orion Capital Managers, said: 'Since acquiring 131 Finsbury Pavement in 2009, the investment has performed well and while plans were in hand to re-gear leases, offers for the freehold required us to consider and ultimately recommend an exit.'

'This is an exciting value-add opportunity in the City core which we believe is set for significant future growth, supported by extensive surrounding development activity and the forthcoming Crossrail station which will be opening just a short walk away at Moorgate,' commented Keith Miller, senior fund manager at Royal London.

Savills acted for Orion and GM Real Estate advised Royal London.