Friday, 24 October 2014
Real I.S. AG sold building in London for €92 million (UK)
21 Bloomsbury Street, Fitzrovia, London, WC1 has been sold by a fund administered by Real I.S. AG to a private overseas buyer. 21 Bloomsbury Street is a prime Fitzrovia asset, located close to both the British Museum and Tottenham Court Road station, benefitting from Crossrail in 2018. The sale of the freehold interest reflected a sale price of £73 million (€92) and a net initial yield of 4.28%.
The property was redeveloped in 1990 behind a retained brick façade and provides 79,368 ft² (7,374 m²) of high specification office and ancillary accommodation arranged around an impressive full height atrium.
The property was refurbished by the tenant in 2012. It is fully let to the UK Government (Secretary of State for Transport, Local Government and the Regions) on a full repairing and insuring lease for a term of 20 years expiring on 7 November 2022.
Speaking on behalf of the seller, Jochen Schenk, Board Member of Real I.S. AG, Munich, said “We are delighted to have concluded the sale of this asset at the level of pricing secured, providing an excellent level of return to our investors, and in a timeframe that was significantly ahead of that originally predicted when the asset was purchased.”
Source: Real I. S AG