Cordea Savills, the international property investment manager, has purchased the IBM Building, Upper Ground in London SE1 for £120 million (approx. €143 million) on behalf of a private family office, from Amsprop Ltd.
This iconic headquarters building is 217,429 ft² (approx. 20,200 m²), backing onto the River Thames, adjacent to the National Theatre in Waterloo. It is let to IBM United Kingdom Limited for 17 years with a minimum term certain of nine years (tenant break). It was acquired at a net initial yield of 4.85% (corporate acquisition).
Chris Lewis, Director of Investment, commented, “This acquisition met our client’s requirements for well let, freehold assets in London with long-term underlying value and a strong occupational history.”
Daniel Sugar, Managing Director of Amsprop Ltd, commented,” Having agreed to sell this asset which we owned debt free, we will be actively redeploying all the sale proceeds into other real estate opportunities”
Cordea Savills was advised by DE & J Levy and Amsprop was advised by Michael Elliott LLP.
Source: Citigate Dewe Rogerson