The Standard Life Pooled Property Pension Fund has sold its long leasehold interest in 60 Gresham Street, an office and retail property in the City of London for €81.1m (£70.75m).
The 60,916 ft² building is multi-let to a broad range of occupiers including 4Most Europe, a credit risk consultancy, Trium Capital, an investment manager, i2 Office, a serviced office operator and the Anthologist bar and restaurant.
Since purchasing the building in 2012 for €54.2m (£47.25m), the fund has undertaken a number of asset management initiatives, including refurbishment and re-letting of the fourth and fifth floors.
Commenting on the sale, David Stewart, Fund Manager, said: “This deal fits with our strategy to dispose of assets where we have realised our business plan objectives. The proceeds are being recycled into our redevelopment of the Farmiloe Building in Farringdon, an exciting restoration / new build project which will complete in Q3 2019, shortly after the opening of Crossrail.”
BNP Paribas acted for the Standard Life Pooled Property Pension Fund, CBRE represented the purchaser.
