Fund manager Warburg Henderson KAG has sold the 158-164 Bishopsgate mixed-use building in the City of London to UBS Global Asset Management.
Fund manager Warburg Henderson KAG has sold the 158-164 Bishopsgate mixed-use building in the City of London to UBS Global Asset Management.
The five-storey office and retail property was acquired by Warburg-Henderson in 2003 for its pan-European fund I and fully redeveloped in 2011.
The asset was sold for €35 mln, reflecting a gross initial yield of 5.23%.
The 4,200 m2 building dates from 1885 and includes an historic, listed façade. The property is currently fully let with around a quarter of the leases starting in 2013. On the ground floor, the retail space is occupied by supermarket chain Tesco.
'By achieving full occupancy we were able to achieve a successful exit with a total return over the period of 9.3% per year with this object for our investors,' commented Eitel Coridaß, CEO of Warburg-Henderson and responsible for portfolio management.