Alduwaliya Asset Management has acquired an office building in the Soho district of London from UK Commercial Property Trust (UKCPT).
The investment volume for 13 Great Marlborough Street, W1 comes to £30.5 mln (€36 mln), reflecting a 3.3% net initial yield.
13 Great Marlborough Street was developed in 1992 and purchased by UKCPT in September 2006. The 2,138 m2 property is single let to Sony Interactive Entertainment, the research and development arm of Sony responsible for products such as PlayStation VR. The lease expires in September 2018.
Alduwaliya Asset Management is the UK business of Qatari investor Alduwaliya. last year the firm acquired the adjacent 10-12 Great Marlborough Street, also single let to Sony.
UKCPT is the the largest Guernsey-based, London-listed commercial property investment company, and is advised by Standard Life Investments.
Will Fulton, fund Manager at Standard Life Investments, said: 'Having been approached by the owner of the adjacent building we felt that, despite this asset's good location, now was an appropriate time to crystallise a strong return. This sale also removes short-term letting risk from the portfolio and the potential for significant capital expenditure. We aim to re-invest in line with our ongoing strategy to generate a higher income which we believe beneficial in the current political and economic market environment. On that front we are actively looking at a number of investment opportunities.'
