German fund manager Real IS has sold an office building in Central London to a private overseas buyer for £73 mln (€92.5 mln), reflecting a net initial yield of 4.28%.
German fund manager Real IS has sold an office building in Central London to a private overseas buyer for £73 mln (€92.5 mln), reflecting a net initial yield of 4.28%.
The property is located at 21 Bloomsbury Street in the Fitzrovia district, close to both the British Museum and Tottenham Court Road station, which will benefit from Crossrail in 2018.
The asset was redeveloped in 1990 and provides around 7,375 m2 of office and ancillary accommodation arranged around an atrium. The freehold property is fully let to the UK government (Secretary of State for Transport, Local Government and the Regions) on a full repairing and insuring lease for a term of 20 years. It was refurbished by the tenant in 2012.
The property was originally purchased by Real IS in 2011 – through its Bayernfonds Immobilienverwaltung GmbH & Co. Objekt England 3 KG fund - from Prupim for £52.2 mln.