Savills IM sells central London office asset for £75m

Savills Investment Management has sold a central London office asset for £75.1m (€89m).

The investment manager said it offloaded its 33 Gracechurch Street property in London’s City district.

The building was originally bought for a syndicate of high net worth individuals through Société Générale.

Aegis, TK Maxx, Clydesdale Bank and Barbican Insurance are among tenants of the 107,062 sq ft asset, known as Lombard House.

In 2014, Savills IM, as Cordea Savills, paid Colombus Capital Management, a subsidiary of Schroders’ real estate business, around £65m for the asset, according to reports at the time.

Nick Hayward, director of institutional business at Savills IM, said the fund had invested in a “core city office building that offered a combination of attractive income and asset management opportunities”.

“There are very favourable occupational market dynamics,” he said, “and this asset, let to five office tenants and one retail tenant, is evidence of this.”

The property, between the Bank of England and Lloyds of London, was refurbished and extended in 2007.