Resolution Property sells Alphabeta building to Sinarmas Land for €402 mln (UK)

Resolution Property, the UK based real estate investor, has sold its 240,000 ft² (approx. 22,000 m²) Alphabeta office development in London’s Shoreditch to Sinarmas Land Limited for £280 million (approx. €402 mln), reflecting an initial yield of 4%.
Alphabeta, which this month reached practical completion, is already 96% let to high quality office tenants from the creative, digital, and financial sectors.
Creative and digital tenants include WPP subsidiary Maxus Global, online restaurant reservation specialist Open Table, digital media PR and marketing agency We Are Social, and Mendeley, the Elsevier-owned Cloud-based research platform. Alphabeta has also attracted Silicon Valley Bank and wealth manager SEI, endorsing its appeal to innovative financial occupiers.
In addition, lettings on the ground and lower ground floors to new independent businesses have enhanced Alphabeta’s tenant mix. These include co-working specialist Huckletree, Barry’s Bootcamp, the celebrity gym, plus eateries and bars including Modern Pantry, Flight Club and PizzaBuzz.
Alphabeta, formerly Triton Court, was acquired by Resolution Property’s Resolution Real Estate Fund III in 2012.
Source: Resolution Property