UBS Global Asset Management’s real estate business in the UK has acquired 95 Wigmore Street from the Great Wigmore Partnership (GWP), a 50-50 joint venture between Great Portland Estates and Aberdeen Asset Management.
UBS Global Asset Management’s real estate business in the UK has acquired 95 Wigmore Street from the Great Wigmore Partnership (GWP), a 50-50 joint venture between Great Portland Estates and Aberdeen Asset Management.
The transaction price of £222.4 mln (€310 mln) reflects a net initial yield of 3.4% and a capital value of £2,209 per sq ft.
95 Wigmore Street is a 98,800 sq ft (9,180 m2) newly constructed office and retail building completed in 2013. The sale also includes a building known as 35 James Street (incorporating Browning Court and 2 Picton Place) totalling 1,882 sq ft.
The office accommodation is multi-let at rents ranging from £77.50 per sq ft to £92.50 per sq ft. The total contracted rental income is £8.1 mln per annum and the current weighted unexpired lease term is 10.5 years.
'The sale of 95 Wigmore Street is the culmination of an exceptional development project for GWP, with the office accommodation fully let only six weeks after practical completion,' said Toby Courtaul, CEO of GPE.
He added: 'The sale continues our strategy of recycling capital out of assets where we have created significant value and back into our portfolio of central London development and refurbishment projects, timed to coincide with a shortage of new Grade A space to let.'