UBS offloads two City of London assets for €90m

UBS Asset Management's Real Estate and Private Markets (REPM) division has realised £77 mln (€89.6 mln) from the sale of two properties in the City of London.

REPM sold 21 Wilson Street to a private investor, having acquired the property in 2013 as part of a sale and leaseback transaction. The building, which has 3,580 m2 of office space over six floors and a basement, is wholly leased to Arbuthnot Latham & Co.

The also disposed of 158-164 Bishopsgate, a mixed-use building which has been acquired by British Land. The six-storey property comprising office, retail and leisure space over 4,600 m2, was subject to an asset management plan including a rolling lease regear programme and a refurbishment of the office space prior to sale.

Howard Meaney, head of real estate UK at UBS AM REPM, said: 'We have taken the decision to crystallise the value generated for our clients following the successful execution of our asset business plans.

'Both properties are well located close to Liverpool Street Station, which will be a major Elizabeth Line hub within London's Crossrail route, and have benefitted from this prospect as well as wider investment in the surrounding area.'

BH2 advised on the sale of Wilson Street, while both BH2 and GCW advised on the sale of Bishopsgate.


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