Redevco UK has exchanged contracts with United Superannuation Scheme (USS) for the sale of Savoy Court in London's West End for £45.4 mln (EUR 53 mln).
Redevco UK has exchanged contracts with United Superannuation Scheme (USS) for the sale of Savoy Court in London's West End for £45.4 mln (EUR 53 mln).
Savoy Court is located adjacent to the newly refurbished landmark Savoy Hotel and comprises 5,300-m2 of high quality offices and 464 m2 of ground floor retail. The offices are let to Booz & Co on a lease expiring in 2017.
Simon Smith, managing director of Redevco UK: 'This sale is in line with our policy of selling non-retail properties. Our main focus is high street retail and shopping centre and retail park development and investment.'
Alex Turner, fund manager, offices at USS commented: 'Savoy Court is a strong addition to our commercial property portfolio offering good long-term asset management opportunities in a landmark location, next to London's Savoy Hotel on the Strand. This acquisition brings our commercial office property investment in the last 12 months to over £150 mln, reflecting our confidence in the continued resilience on the Central London offices market.'
Cushman and Wakefield advised Redevco while Strutt and Parker represented USS.
