A joint venture between ING Real Estate Investment Management and Canadian Pension Plan Investment Board has put its trophy City of London property up for sale.
As revealed by EGi this week (15 September), the jv has instructed Jones Lang LaSalle to sell Slaughter & May’s 260,000 sq ft headquarters at 1 Bunhill Row, EC1.
A guide price is not being disclosed, but it is thought the property could sell for £190m, reflecting a yield of around 5.5%.
The pair bought the asset in 2006, along with the 190,000 sq ft multilet 55 Bishopsgate, EC2, for a total of £355m.
Last summer, the jv secured a one-year extension to a £266m loan that matured in July 2010. The loan was provided by JP Morgan in 2006 to fund the acquisition of the two buildings.
Also this week, Ireland’s National Asset Management Agency has instructed CB Richard Ellis to sell 107 Cheapside, EC2, for £120m, reflecting a 5.5% yield.
