Schroder Real Estate has bought its first asset in Londonβs City district for its West End of London Property Unit Trust (WELPUT).
The Β£22.9m (β¬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 Β£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 βscope for growthβ.
, Schroders said it raised Β£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.
