Pramerica Real Estate Investors, acting on behalf of a family office, has acquired 20 Grafton Street for a purchase price of £47.8 mln (EUR 57 mln).

Pramerica Real Estate Investors, acting on behalf of a family office, has acquired 20 Grafton Street for a purchase price of £47.8 mln (EUR 57 mln).

The prime office property was completed in 2006 and has nearly 2,400 m2 of net lettable floor space. It is currently fully leased to financial services firm Perella Weinberg Partners, with around 12 years remaining on the lease.

'Grafton Street is a prime asset located in the very heart of Mayfair, one of the most defensive submarkets in Europe and therefore ideally matches our client's long term capital preservation and inflation hedging targets,' CIO Georg von Hammerstein said.

Pramerica acting on behalf of its fund investors has successfully completed the sale of 50 Broadway, a property in London's Victoria submarket to a private client of Citi Private Bank.

The property, which is let to lawyers Bircham Dyson Bell and serviced office provider Regus, was sold for £53.7 mln. 'Our objective has been to take advantage of the recent strength of the London investment market,' commented portfolio manager Ben Penaliggon.

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