The German fund manager, Oppenheim, is poised to make its first foray into the West End market with the £27m acquisition of 111 Strand, WC2.
The 40,000 sq ft building was developed by City & West End on behalf of Security Capital European Realty, and was completed last year. It is multilet to tenants including CVC Capital Partners, and has an annual rental income of around £1.49m. The deal reflects an initial yield of around 5.5%.
Oppenheim manages €8.5bn of funds across Europe. Its first two UK acquisitions were in Birmingham and Manchester, and it also has a building in Dominion Street in the City of London.
CB Richard Ellis and GVA Saxon Law are acting for the vendor. Jones Lang LaSalle is representing Oppenheim.
Source: Freeman News/ Property Week