SEB sells City of London office at 4.5% yield

SEB Asset Management has sold an office building in the City of London financial district on behalf of its SEB ImmoPortfolio Target Return Fund.

A client of Deutsche Bank paid about EUR 77 mln for One Threadneedle Street, reflecting a net initial yield for the buyer of 4.5%.

SEB AM said extensive renovation work at One Threadneedle Street was completed in July 2012. A month later SEB AM signed a 20-year lease without break options for the entire 5,000 m² property with Nationwide Building Society.