UK property company Hermes Real Estate has exchanged contracts for the sale of the freehold interest in 3/5 Burlington Gardens, London W1, to UK and US-based property company EPIC for over £75mln (EUR 95mln). The deal - reflecting a net initial yield of just over 4% - follows Hermes' successful sale of another Mayfair office building, 7 Clifford Street, in April this year. The 3,800 m[sup]2[/sup] building was sold to a private overseas client of GVA Saxon Law for about £70mln (EUR 89mln), which equates to a net initial yield of less than 4%.
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