14 February 2017
London
Reporter: Theo Andrew

London office sells for £292 million


TH Real Estate has sold One Kingdom Street, London, for £292 million, on behalf of the Cityhold Office Partnership (CHOP).

The office building was acquired by Hong Kong investor C C Land Holdings, and comprises 264,898 square feet of grade A office space.

The sale represents a net initial yield of 4.86 percent and a capital value of £1,100 per square foot.

Located in Paddington, the office provides transport links to Heathrow and the South West, and has a weighted average unexpired lease term of 6.5 years.

According to TH Real Estate, the manager plans to reinvest the earnings in cities throughout Europe.

Jasper Gilbey, fund manager for CHOP at TH Real Estate, said: “The sale of One Kingdom Street is further evidence of CHOP seeking to realise performance once asset management initiatives have been successfully implemented.”

Peter Neal, senior portfolio manager at TH Real Estate, added: “We are delighted to have sold One Kingdom Street. This sale marks the end of the London disposal programme having sold the Peak in Victoria in December last year for £145 million.”

Michael Elliott of JLL and Ashurst acted for TH Real Estate, while Kieran D. Cotter & Co and Addleshaw Goddard represented C C Land Holdings.

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