FORE Partnership has acquired the UK headquarters office building of L’Oréal in London for £58m (€65.6m) .
The building, 255 Hammersmith Road, has been acquired from Standard Life Investments.
The pan-European real estate investment club for family offices and private investors, said the amount paid reflects a net initial yield of 7.5%.
The asset comprises 110,100sqft of office space on ground and eight upper floors and is let to cosmetics and beauty products firm L’Oréal UK until September 2022.
Basil Demeroutis, a managing partner at FORE, said: “We are very excited about the acquisition of 255 Hammersmith Road, which is located in one of London’s strongest sub-markets.”
“We believe this is an incredibly dynamic building with great potential.”
FORE was advised by Ingleby Trice and Standard Life Investments was advised by JLL.