LaSalle Investment Management has announced the purchase of 100 Middlesex Street, London, E1 from Blackstone, in conjunction with Generation Estates on behalf of a pension fund client.
The office accommodation is let for a term of 20 years to INTO UEA (London Campus) LLP and is guaranteed by the University of East Anglia. There are two ground floor retail units let to The Japanese Canteen Limited and Tinderbox Limited. In addition, there is a gym which is let to Fitness First located on the part ground and lower ground floors. The property was sold for £26.5 million (approx. 31.6 million), which reflected a net initial yield of 5.5%.
Richard Debney, Director at LaSalle Investment Management said, "We are absolutely delighted to have completed the acquisition of 100 Middlesex Street which was let at the bottom of the rent cycle in mid 2009 and includes fixed and RPI based rental uplifts. The property is an important addition to our portfolio."
GM Real Estate advised Blackstone while LaSalle were advised by Savills.
Source: Citigate Dewe Rogerson