F&C Property Asset Management has purchased the 29,000 sq ft Augustine House from Royal London Asset Management for £17m, reflecting a net initial yield of 6.15%.
The eight-storey building, located at 6a Austin Friars, EC2, is multi-let to six tenants providing a total rent of £1.22m pa, with an average of 5 years remaining on the leases.
Simon Lacey, Head of Central London Offices at F&C Property, said: “Augustine House is in a core City location, close to the Bank of England, that provides a good income for the Fund and a number of longer term asset enhancement opportunities.”
DTZ advised F&C Property Asset Management. Strutt & Parker advised Royal London Asset Management.
References: EGi News 23/02/06
