Kuwaiti property investor St Martins Corporation is reportedly buying 60 Threadneedle Street in the City of London from UK REIT Hammerson. The transaction is said to amount to over 拢175 mln (EUR 203 mln), reflecting a record low yield of below 5%, according to a news report in PropertyWeek.
Kuwaiti property investor St Martins Corporation is reportedly buying 60 Threadneedle Street in the City of London from UK REIT Hammerson. The transaction is said to amount to over 拢175 mln (EUR 203 mln), reflecting a record low yield of below 5%, according to a news report in PropertyWeek.
The building is nearly fully let and generates 拢8.8 mln of rent a year.
The purchase by St Martins, a branch of Kuwait's sovereign wealth fund, is part of the firm's strategy aimed at recycling capital through sales and reinvesting in prime assets. St Martins has divested some 拢750 mln of smaller, secondary assets this year to finance the acquisition of larger properties.
