A private Middle Eastern investor client of CBRE has bought an office asset in London's midtown district for £69 mln (€81 mln) from UBS Asset Management.
1 New Fetter Lane in London, EC4, comprising 9,467 m2 and is let to law firm Sullivan & Cromwell until 2026. The sale price reflects a net initial yield of 4.47%.
'In line with the strategy of UBS Triton, we acquired this asset at an early stage in midtown's growth cycle and the area has since seen significant regeneration and improved transport connections, making it an increasingly sought after Central London business destination. Our team’s proactive asset management enabled us to bring 1 New Fetter Lane to market as a high-quality fully-let asset, benefitting from a strong covenant, which is evidently what has attracted the attention of CBRE's client,' commented Howard Meaney, UBS's head of Global Real Estate – UK.
GG Capital, a newly formed real estate private equity firm set up by Karl Abawatt advised the private purchaser and will be managing the asset. 'London is a core focus for our investment strategy and 1 New Fetter Lane presented a trophy headquarter building, well-let in an area we anticipate a high investment return following ongoing development and the completion of Crossrail in 2018,' said Abawatt.
UBS Triton was advised on the sale by Tudor Toone.