Singapore-based real estate investor Sun Venture has exchanged contracts to purchase One New Oxford Street, London from Nuveen Real Estate, on behalf of Central London Office Fund (CLOF) and British Airways Pension Trustees Limited.
The deal is the first UK acquisition for the Singaporean property developer and investor. Although financial details were not disclosed, PropertyEU understands that the asset was worth over £180 mln (ca €200 mln).
PropertyEU reported in February that US TIAA's London-based Nuveen asset management arm had decided to sell the London asset after a 15-year holding period.
Nuveen, which bought the asset in 2004, was working with CBRE to sell the asset for a yield of around 4%.
Fully renovated in 2017, the Art Deco property provides 95,000 sq ft (8,826 m2) of Grade-A office accommodation rated BREEAM Excellent, a communal roof terrace and 12,000 sq ft (1,115 m2) of retail space with a street frontage that echoes its past, overlooked by a clock tower.
The offices are fully let, generating a total average annual rent of just over £7.7 mln. Global retailer H&M pre-let six of the office floors to house the UK headquarters of one of its high-end brands, and the remaining three office floors are let to Amazon subsidiary Twitch, the leading global video and live streaming service provider.
Sun Venture was advised by Savills and CMS, while Nuveen Real Estate was advised by CBRE and K&L Gates.
