Schroder Real Estate has bought its first asset in London’s City district for its West End of London Property Unit Trust (WELPUT).

The £22.9m (€32.1m) asset, at 31 Bury Street, was bought for the London office-focused WELPUT vehicle from Aberdeen Asset Management.

The 27,000 sq ft building was refurbished last year and is multi-let to six tenants including Adjusting Services and JX Nippon Oil & Energy.

Annual income is £1.07m, with an average weighted unexpired lease term of eight years.

Nick Montgomery, head of UK investment at Schroder Real Estate, said the property provided a stable income return, with “scope for growth”.

In March, Schroders said it raised £162m for WELPUT, with backing from a single institutional investor via the secondary market.

Duncan Owen, head of Schroder Real Estate, said European and Asian investors backed the fund.