A consortium of Hong Kong investors including affiliates of Ayres Capital Management and MCL Financial Group has acquired a Covent Garden office from BlackRock for £30.2m.
The sale of 65 Chandos Place, WC2, reflects a net initial yield of 4.84%.
GLS Estates will manage the asset, which comprises 23,567 sq ft and is let to seven tenants.
The offices were acquired by BlackRock’s UK Property Fund in 2012 as part of a wider portfolio. BlackRock has refurbished the building and moved on to focus on larger opportunities.
Paul Tebbit, portfolio manager of BlackRock UK Property Fund, said: “Covent Garden continues to perform well and has seen significant improvement in local amenity, which will no doubt benefit the building and its new owners going forwards.”
CBRE advised BlackRock on the sale.
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