A fund managed by Savills Investment Management has sold an office property in the City of London for £75.1 mln (€89 mln) to an Asian investor.
The Grade II listed building at 33 Gracechurch Street was originally acquired by the fund on behalf of a syndicate of high net worth individuals through Société Générale.
'The fund bought a core city office building that offered a combination of attractive income and asset management opportunities which we have successfully completed. Currently we believe there are very favourable occupational market dynamics, and this asset, let to five office tenants and one retail tenant, is evidence of this,' said Nick Hayward, director of Institutional Business at Savills IM.
The property, situated between the Bank of England and Lloyds of London, was refurbished and extended in 2007 and represents nearly 10,000 m2 of Grade A office, retail and ancillary space.
Savills advised the seller on the transaction, with Westminster Real Estate Limited acquiring on behalf of the Asian client, represented by Cushman & Wakefield.
