Malaysian pension fund the Employees Provident Fund of Malaysia (EPF) has swooped on a prime City of London office asset for £324 mln from Greycoat and Morgan Stanley.
CBRE Global Investors acquired the EC2 asset on EPF's behalf, in a deal reflecting a net initial yield of 4.30% and a capital value of £1,383 per ft2.
Dubbed Premier Place, and situated at Devonshire Square in the City of London, the 229,129 ft2 (21,300 m2) property has recently undergone refurbishment targeting a Breeam Excellent rating.
With nine storeys above ground and three basement levels, the asset is fully let to two office tenants, Jane Street Capital and Squire Patton Boggs, on long leases. It also includes three ground floor retail units.
'This is an opportunity to acquire a prime office in an excellent location with weighted average unexpired lease terms of 15 years and let to two strong covenants. It’s a strong addition to our client’s portfolio,' commented Chris Gilchrist-Fisher, senior director, CBRE Global Investors.
CBRE acted for CBRE Global Investors and Cushman & Wakefield acted for the vendor.