UK REIT Workspace has acquired an office property in London from Ireland's National Asset Management Agency (NAMA) for £29.7 mln (€38 mln).

UK REIT Workspace has acquired an office property in London from Ireland's National Asset Management Agency (NAMA) for £29.7 mln (€38 mln).

The 54,000 sq ft (5,000 m2) property at 160 Fleet Street has an overall occupancy of 48%. The investment volume reflects a net initial yield of 3.7% and a capital value of £549 per sq ft.

160 Fleet Street was previously owned and operated by the Business Environment Group as serviced offices. The building is a Portland stone period building, originally constructed in the 1920s and entirely refurbished in 2009 to include a new reception, gym, breakout areas and meeting rooms.

The building covers seven floors including a banking hall let to NatWest Bank until 2023. The main office space was previously operated as serviced offices and is currently only 43% let.