MEPC has sold 20 Farringdon Street, EC4, to Danish insurers KP Group for £18.45m in a deal which brings the property company’s total office disposals this year to over £105m.
Ilaria del Beato, MEPC’s investment manager, said the sale was part of the company’s strategy of moving out of the office sector and into retail and leisure. The transaction reflects a net initial yield of 7.9%.
The 3,880 sq m (41,800 sq ft) building, developed in 1986, is let to KPMG at £388 per sq m (£36 per sq ft) for a further 15 years, giving a rent roll of £1.5m pa.
Hillier Parker acted for MEPC while Healey & Baker advised KP.
EGi News 08/04/97
