Redevco sells Pall Mall property for EUR 74 mln

MUNICH - Redevco UK has sold a property on the famous London West End street Pall Mall to Legal & General Assurance for EUR 74 mln. The building, comprising of 3,200 m[sup]2[/sup] of lettable space, has undergone a 'significant refurbishment' which was completed in April this year. All but one floor was let or under offer at the time of the sale of the building at 50 Mall Pall. The British arm of Dutch-based property company Redevco said the sale price reflected an initial yield of 4.6%. Redevco purchased the property in 2002. King Sturge advised Redevco and Strutt & Parker acted for Legal & General.

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