UK investor Stenham Property has completed the purchase of 24 Chiswell Street, a 76,393 sq ft (7,000 m2) virtual freehold property in the City of London. A spokesperson for Stenham said that the seller of the property is Aviva. The £31 mln (EUR 36 mln) purchase price reflects a net initial yield of 7.16%.
UK investor Stenham Property has completed the purchase of 24 Chiswell Street, a 76,393 sq ft (7,000 m2) virtual freehold property in the City of London. A spokesperson for Stenham said that the seller of the property is Aviva. The £31 mln (EUR 36 mln) purchase price reflects a net initial yield of 7.16%.
The property is multi-let to nine tenants including Royal Bank of Scotland, Carnegie Investment Bank, and City University. It is adjacent to a number of landmark City buildings, including Ropemaker Place, City Point and Milton Gate.
'Our core strategy will be to enhance income through effective active asset management, extending leases at or before expiry, undertaking a rolling programme of refurbishment and securing new tenants for the two vacant floors,' said Andy Taylor, head of UK Property at Stenham.
Stenham Property was advised by Morgan Capital Partners on the transaction and debt was provided by Lloyds Banking Group.
Stenham Property currently has around £2 bn of assets under management spread across the UK, Germany, Switzerland and Japan.