UBS Asset Management's Real Estate & Private Markets has acquired an office asset located on London's Southbank district, for £75.66 mln (€85 mln).
The UBS business acquired 42 Southwark Bridge Road on behalf of its Triton property fund. The vendor was a joint venture between Angelo Gordon and Beltane Asset Management.
The investment volume reflects a net initial yield of 5.31%.
Occupying a 0.254-hectare corner site in the heart of Southbank, 42 Southwark Bridge Road is arranged as three interlinked buildings, providing 9,000 m2 of newly refurbished office space spread across six above ground and two underground floors, including a 32-space car park.
The property is fully let to Sungard Availability Services, on a newly signed 10-year lease with an upward only rent review after five years.
This acquisition complements Triton’s portfolio of 33 assets spread across the UK and supports its South East weighting, where approximately 57% of properties are located. In addition to the offices sector, the fund also comprises industrial assets, retail warehouses and student accommodation.
'42 Southwark Bridge Road fits seamlessly with our investment strategy – its in-demand location presents further growth prospects, and broader asset management opportunities offer further value enhancing potential,' commented Howard Meaney, head of Real Estate UK and senior portfolio manager for Triton.
