Cordea Savills has purchased computer giant IBM's office on London's South Bank behalf of a private family office.
Cordea Savills has purchased computer giant IBM's office on London's South Bank behalf of a private family office.
The asset was acquired from Lord Alan Sugar's property company Amsprop for £120 mln (€143 mln).
The building comprises 20,000 m2, backing onto the River Thames and adjacent to the National Theatre in Waterloo. It is let to IBM United Kingdom for 17 years with a minimum term of nine years. It was acquired at a net initial yield of 4.8% in a corporate acquisition.
Chris Lewis, director of investment, commented: 'This acquisition met our client’s requirements for well-let, freehold assets in London with long-term underlying value and a strong occupational history.'
Daniel Sugar, managing director of Amsprop, said: 'Having agreed to sell this asset which we owned debt free, we will be actively redeploying all the sale proceeds into other real estate opportunities.'
Cordea Savills was advised by DE & J Levy. Amsprop was advised by Michael Elliott.
