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.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
The Leadenhall Building acquired for £1.15 billion
26 May 2017 | London | Reporter: Theo Andrew
CC Land has completed the acquisition of The Leadenhall Building in London for £1.15 billion
BMO Real Estate Partners purchase two Westwood retail parks
26 May 2017 | Kent | Reporter: Theo Andrew
BMO Real Estate Partners has acquired two retail parks in Kent on behalf of its clients for £80 million from Hammerson
Blackstone leapfrogs Brookfield to top list of global real estate AUM
25 May 2017 | Amsterdam | Reporter: Theo Andrew
Brookfield came in second, while PGIM ranked third, jumping six places on the previous year
China Life recapitalises ElmTree portfolio for $950 million
25 May 2017 | St. Louis | Reporter: Theo Andrew
In a partnership structured as a joint venture, US private equity firm ElmTree Funds will continue to manage its 48 single-tenant properties
Blackstone plans $40 billion US infrastructure fund
25 May 2017 | New York | Reporter: Theo Andrew
Including additional debt finance, Blackstone plans to invest more than $100 billion in US infrastructure projects
Joint venture buys Seattle Facebook office
24 May 2017 | Seattle | Reporter: Theo Andrew
Commerz purchased its stake in the 32,000-square metre office building for its open-ended real estate fund hausInvest
CPPIB’s real assets investment hits $73.1 billion
23 May 2017 | Toronto | Reporter: Theo Andrew
The pension fund ended the fiscal year with net assets of CAD 316.7 billion, a CAD 37.8 billion increase on 2016