A fund managed by Savills Investment Management has sold the property at 33 Gracechurch Street in the City of London for £75.1 mln (€88.5 mln) to Westminster Real Estate Limited acting on behalf of an Asian client.
The building, a Grade II listed building on the junction with Lombard Street, was originally acquired by the fund on behalf of a syndicate of high net worth individuals through Société Générale
Commening on the deal, Nick Hayward, Director of Institutional Business at Savills IM, said the building offered a combination of attractive income and asset management opportunities which the fund had now 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.'
The property, in a prime location between the Bank of England and Lloyds of London, was comprehensively refurbished and extended in 2007 and offers 107,062 sq ft of Grade A office, retail and ancillary accommodation.
Savills advised the seller on the transaction, while the buyer was represented by Cushman & Wakefield.
