European Fund Manager, Ærium, has completed the sale of 40 Portman Square in London's West End. The sale price is £181 million (approx. 213.7 million), reflecting a net initial yield of 5.57%, and represents one of the largest office deals in the West End market in 2010.
The purchase of this property demonstrates increasingly heightened demand for prime London property from institutional and foreign investors.
Franck Ruimy, Chief Executive Officer at Ærium Finance, said: "We are very pleased to complete this transaction which demonstrates Ærium's ability to enter the UK market in 2009 and unlock value in a very short period of time for our investors. This is a fantastic deal for Ærium's investors and for the purchaser.
"ING REIM's client has acquired one of the leading modern office buildings in the West End whilst our investors have secured a very strong return on their investment during a relatively short hold period."
CB Richard Ellis represented Ærium and ING Real Estate Investment Management was advised by Hanover Green and Oxygen Asset Management.