The Cityhold Group, has exchanged contracts on 40 Holborn Viaduct, London, EC1 from Delancey's principle client fund. The freehold office building will be Cityhold's second acquisition in the UK capital.
The property has a net lettable area of 173,248 ft².
The property has a net lettable area of 173,248 ft² (approx. 16,094 m²) and is located within the midtown area of London, and is multi-let to a strong mix of high quality tenants including Cap Gemini UK plc, Hitachi Rail Europe Ltd, GDF Suez E&P UK Ltd, Irwin Mitchell LLP, Brewin Dolphin Ltd and Pret a Manger (Europe) Limited.
The average unexpired term certain is around eight years and the office building was completed in 2008 to a high specification.
"We see this as a solid next step in building a core London property investment portfolio, having completed our West End acquisition of 1 Kingdom Street earlier this year. 40 Holborn Viaduct occupies a prime island site within Midtown, an area we believe has good prospects for rental growth going forward," says Per Sjöberg, CEO of Cityhold.
The asset was acquired based on a purchase price of £137.75 million (174.41 million), for the property. Cityhold's owners will provide full equity funding for the acquisition. Contracts were exchanged on August 22 and the acquisition will be completed in due course. Savills acted as Cityhold's advisor in the acquisition. The vendors were represented by CBRE.