Japanese property giant Mitsubishi Estate has exchanged contracts with life assurance company Meiji Yasuda for the acquisition of River Plate House in Finsbury Circus, London for 25 billion yen (EUR 153 mln). The office building provides 20,000 m[sup]2[/sup] of lettable space over nine floors and is let to Mizuho Corporate Bank. The transaction, reflecting an initial yield of around 5.5%, is to close on 31 May. Mitsubishi said in a statement that it may redevelop the building once the lease - with over six years to run - expires.
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