Singapore’s Sun Venture has completed the £148 mln acquisition of 120 Moorgate in London, the first sale of a long let serviced office since Covid.
The freehold building in the centre of the City is let to WeWork and was sold by the group’s real estate arm, WeWork Capital Advisors.
The sale price reflects a net initial yield of 4.5% and a capital value of £1,311 per sq ft.
Recently redeveloped, the 112,875 sq ft property also includes a retail banking unit occupied by Barclays and a Third Space gym.
Knight Frank advised WeWork Capital Advisors on the disposal.
Edward Fairweather, partner, London Capital Markets at Knight Frank, said: ‘We are delighted to have acted for WeWork Capital Advisors on this disposal. 120 Moorgate is a fantastic, freehold, trophy office building.
‘The marketing process demonstrated depth of demand for WeWork-let assets, and confidence in the flexible office model.’
Ong Jeun Jye, head of real estate for Sun Venture, said: ‘Our third acquisition in central London brings our total London portfolio close to £900m and underscores our confidence in the market. It also reaffirms our strategy as a firm to expand our presence overseas.’
Savills advised Sun Venture.