REIT Asset Management, acting on behalf of the property investor, Leo Noé, has paid £121.5m for Vintners Place on Upper Thames Street in the City of London.
The 270,000 sq ft riverside building was sold by the Blackstone Group. The property is let to tenants including HSBC, JP Morgan Chase and Sumitomo Bank and generates just under £9.6m in rent a year, equating to an initial yield of 7.9%.
Blackstone bought the property from Pillar Property and Schroders in 2001, following their takeover of Wates City, which developed the scheme. The site is held on a long leasehold from the Vintners Company.
Franc Warwick acted for REIT. Blackstone was represented by BH2.