St Martins Property Investments, the UK-based real estate vehicle of the State of Kuwait, has acquired a City of London office property for a net sum of 拢176 mln (EUR 209 mln). The vendor of 60 Threadneedle Street, London EC2 was UK REIT Hammerson.
St Martins Property Investments, the UK-based real estate vehicle of the State of Kuwait, has acquired a City of London office property for a net sum of 拢176 mln (EUR 209 mln). The vendor of 60 Threadneedle Street, London EC2 was UK REIT Hammerson.
Passing rents, post rent-free periods, are 拢8.8 mln and the price represents an initial yield to the purchaser of approximately 4.75%. The last valuation at end-June 2011 was 拢165 mln.
Completed by Hammerson in January 2009 at a cost of 拢124 mln, the 19,900 m2 building is in the centre of the City of London and forms part of the site previously occupied by the London Stock Exchange. It provides nine storeys of office accommodation with tenants including Talbot Underwriting, Universities Superannuation Scheme, Berenberg Bank and The Toronto Dominion Bank.
Hammerson was advised by Strutt & Parker and Nabarro, with St. Martins Property Investments advised by Savills and Eversheds.
