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Lothbury Investment Management has acquired an office property in London’s West End from a private East Asian investor for £22 mln (€29.4 mln).

The 1,500 m2 building at 12 Soho Square and 3-5 Soho Street is let to a number of media and communications companies, with retail on the ground floor level.

The six-storey property was acquired in an off-market deal on behalf of the Lothbury Property Trust (LPT) and is expected to form part of the company’s active portfolio of medium-term assets.

Michael Toft, senior fund manager at Lothbury, said: ‘Demand remains very high for office space around Soho, which, with the arrival of Crossrail, is providing more opportunities for rental income growth.’