Turkish property firm Esas Properties has expanded its UK portfolio with the acquisition of the freehold interest of 124 Theobalds Road, London from DTZ Investors for a price of £66 mln (€80 mln).
124 Theobalds Road comprises 81,110 sq ft (7,500 m2) of office and ancillary accommodation arranged over basement, ground and eight upper floors. The building was refurbished and substantially reconstructed by Cable & Wireless as their UK headquarters and has undergone subsequent refurbishments, the most recent in 2012.
Kevin O'Connor, Senior Director at DTZ Investors, said the sale of the asset was in line with fund's strategy to diversify assets through recycling of capital from sales to reinvest in other sectors and locations.
'The asset was competitively bid for and the price achieved indicates that there is still a strong market for good quality central London stock,' the vendor said.
DTZ Investors were advised by Savills and Strutt and Parker.
