REDEVCO UK has exchanged contracts with United Superannuation Scheme (USS) for the sale of Savoy Court in London's West End for £45.4 million (approx. 53 million). Savoy Court is located adjacent to the newly refurbished landmark Savoy Hotel and comprises 58,000 ft² (approx. 5,400 m²) of high quality offices and 5,000 ft² of ground floor retail. The offices are let to Booz & Co on a lease expiring in 2017.
Alex Turner, Fund manager, Offices at USS, commented: "Savoy Court is a strong addition to our commercial property portfolio offering good long-term asset management opportunities in a landmark location, next to London's Savoy Hotel on the Strand.
"This acquisition brings our commercial office property investment in the last 12 months to over £150 million, reflecting our confidence in the continued resilience on the Central London offices market."
Cushman and Wakefield advised Redevco while Strutt and Parker represented USS.