UBS exits Shoreditch office asset for €65m

Global investor UBS Asset Management's (UBS-AM) Real Estate & Private Markets (REPM) business has divested an office asset in London's Shoreditch to a private overseas investor for £59 mln (€65 mln).

The asset, at 99 Clifton Street, was sold by UBS-AM's Triton property fund.

'Following four years of strong performance, the property has more than delivered its business plan,' said Jonathan Hollick, Triton's portfolio manager.

'Accordingly, we made the decision to crystallise the value it generated for our clients and look forward to reinvesting the proceeds into attractive new opportunities that are in line with the strategy of the fund,' Hollick added.

Triton acquired the 45,255 ft2 (4,000 m2) property off-market for £38.25 mln in 2015 when it was still under construction, before securing a pre-let on the seven-storey property to a sole tenant.

The global media firm occupier agreed to a 15-year lease at an average rent in excess of £60.00 per ft2, producing annual rent of £2.8 mln. The asset is rated 'very good' under Breaam assessment.

Triton was advised on the disposal by TT&G Partners, while the buyer was represented by Savills.

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