MUNICH - Redevco UK has sold a property on the famous London West End street Pall Mall to Legal & General Assurance for EUR 74 mln. The building, comprising of 3,200 m[sup]2[/sup] of lettable space, has undergone a 'significant refurbishment' which was completed in April this year. All but one floor was let or under offer at the time of the sale of the building at 50 Mall Pall. The British arm of Dutch-based property company Redevco said the sale price reflected an initial yield of 4.6%. Redevco purchased the property in 2002. King Sturge advised Redevco and Strutt & Parker acted for Legal & General.
MUNICH - Redevco UK has sold a property on the famous London West End street Pall Mall to Legal & General Assurance for EUR 74 mln. The building, comprising of 3,200 m2 of lettable space, has undergone a 'significant refurbishment' which was completed in April this year. All but one floor was let or under offer at the time of the sale of the building at 50 Mall Pall. The British arm of Dutch-based property company Redevco said the sale price reflected an initial yield of 4.6%. Redevco purchased the property in 2002. King Sturge advised Redevco and Strutt & Parker acted for Legal & General.
Redevco, part of Cofra Holding, owns one of the largest real estate portfolios in Europe. Active in 18 European countries it manages a 1,000 building portfolio with an estimated value of EUR 6.7 bn.
