German open-ended property fund iii-investments has sold a 140,000 sq ft office block in Harlow to a client fund of AXA REIM for £34.8m.
The deal reflects a 7% yield.
The Edinburgh Gate building on Edinburgh Way is let to publishing group Pearson on a lease expiring in December 2020 at a rent of £2.5m pa.
This is iii-investments’ third disposal in the UK this year.
The Harlow sale follows the disposal of The Sauchiehall Centre, Glasgow, and Hamilton Retail Park, Strathclyde, for a combined total of some £125m.
It is understood that no further disposals are planned.
BH2 advised AXA REIM. Müller International, London, advised iii-investments.
References: EGi News 22/11/04
