A private Hong Kong investor consortium including entities affiliated with Ayres Capital Management Limited and MCL Financial Group has acquired a prime freehold office building in London's Convent Garden for £30.02 mln (€35 mln) from Blackrock.
The deal represents a net initial yield of 4.8%.
Situated at 65 Chandos Place, the building comprises 23,567 ft2 (2,190 m2) across lower ground, ground and five upper floors and is multi-let to seven tenants.
Blackrock acquired the asset in 2012 for its UK property fund as part of a wider portfolio. The firm has since refurbished the asset to provide a Grade A specification.
Paul Tebbit, portfolio manager of BlackRock UK property fund said: 'Having held the asset since 2012, we have successfully concluded our business plan and made the decision to sell the asset in order to focus on larger opportunities more commensurate with the size of the fund.
'Covent Garden continues to perform well and has seen significant improvement in local amenity, which will no doubt benefit the building and its new owners going forwards.'
Asset-level management services for the property will be provided by GLS Estates.
Global real estate advisor CBRE advised BlackRock’s UK property fund on the sale.