London & Stamford Property Limited (AIM: LSP) announces that it has exchanged conditional contracts with Legal & General Assurance Society Ltd to acquire One Fleet Place, EC4 for £74 million (approx. €74 mln.). The purchase is expected to complete shortly after the satisfaction of the conditions.
The 170,000-ft² prime City of London office building is mainly let to Denton Wilde Sapte LLP until 2025, at a rent of some £36 per ft².
King Sturge LLP acted for London & Stamford Property Limited and Jones Lang LaSalle acted for Legal & General Assurance Society Ltd.
Raymond Mould, the Non-executive Chairman of London & Stamford Property, said: "This building combines an excellent blend of building quality, current market rent, long lease length, secure income and given the leverage we can apply, it gives us a very good income return on our investment."
Source: London & Stamford Property