Canada Life has sold an office in central London for £29.6 million (€32.4 mln).
The Superunion building was purchased by Hampshire County Council on behalf of the authority’s pension fund.
Comprising 32,025 sq ft (2,975 m2) grade A office space, the asset forms part of the Brewhouse Yard complex. The tenant is Superunion Ltd with a guarantee from WPP Group UK Ltd, on a lease expiring Oct 2028.
The tenant is currently paying an annual rent of £994,691 (€1,090,072) a year, subject to five yearly rent review to RPI with a cap of 4% and a collar of 1% per year.
Michael White, head of UK property at Canada Life investments, said: 'We have seen office rental values increase to upwards of £65 (€71) per square feet in Farringdon and Clerkenwell since we acquired this building in 2014.
'The asset has performed very well and above its benchmark, and we felt it was an appropriate time to sell the property as we direct the ACS more toward a value-add asset management strategy.'
Crossland Otter Hunt acted for Canada Life Investments. CBRE-GI acted for the purchaser.
