McKay sells City of London office for €89m

McKay Securities Plc (McKay) has a sold an office in London´s square mile.

 

The asset at 30 Lombard Street in the City of London, was purchased for £76.5 mln (€89.7 mln) by an unnamed party.

Providing 5,434 m2 across 11 floors, the building is occupied on a 15-year lease which generates £1.1 mln (€1.3 mln) a year, by St. James's Place plc, a FTSE 100 wealth manager.

The property was redeveloped early in 2019 and holds a BREEAM ‘excellent’ rating.

Completion of the sale is expected to take three months. McKay said it will use proceeds from the transaction to pay down debt, prior to re-investment in new acquisitions and portfolio opportunities.

McKay is the only UK REIT specialising exlusively in the London and south east office, industrial and logistics markets.

Knight Frank acted for McKay and BNP Paribas acted for the purchaser.

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