Pension funds acquire London's 60 Cannon St

DTZ Investment Management has purchased 60 Cannon Street in the City of London on behalf of pension fund clients. The investment volume of £31 mln (EUR 35 mln) reflects a yield of 5.67%.

The office and retail property, located opposite the site for Bloomberg's new headquarters, was sold by Orchard Street Investment Management on behalf of Orchard Street UK Special Situations Fund.

The five upper floors of 60 Cannon Street comprise office space are let to MWB Business Exchange Centres until March 2021, while the ground floor retail units are occupied on long leases by Pret a Manger, Eat and Thomas Pink.

Barney Rowe, partner and fund manager of the Special Situations Fund at Orchard Street said, 'This is the first disposal from the Orchard Street UK Special Situations Fund, which comprises a total of £160 mln of assets. At the present time we do not envisage disposing of other assets from the fund.'

BNP Paribas acted for Orchard Street Investment Management. DTZ acted for the buyer.