Arlington Property Investors has sold 24 Bevis Marks House in the City of London to a joint venture between GE Real Estate and Lancaster Asset Management for a total of £28.3m.
The six-storey property comprises 640,453 sq ft of office space. It is let to the Willis Group, Julius Baer and the National Commercial Bank of Saudi Arabia. Two ground-floor retail units are let to Benjys and Prontaprint.
Leases on the property expire in six years. The building generates an annual rent of £2.32m, equating to a yield of 8.2%.
GE Managing Director, Alec Burger, commented: “We are pleased to have acquired this property, which we consider leaves us well positioned to gain early exposure to recovering occupier demand in the City of London office letting market.”
Morgan Pepper acted for Arlington.