Standard Life Investments has purchased King’s Pool in York for £43.5m – a net initial yield of 5.9%.
SLI is purchasing the office complex on behalf of a segregated client. Danish pension fund PFA Pension is the vendor.
The 142,221 sq ft office block is let to a number of government departments on a long-term lease expiring in March 2028.
SLI fund manager Jason Baggaley said: “The acquisition of this quality office space reflects our strategy to invest in well positioned, grade-A office space with the potential to deliver strong long-term returns for investors.”
Strutt & Parker advised PFA Pension; CBRE advised SLI.
Strutt & Parker head of national markets Simon Bland said: “With the investment market so strong for long-let, well-secured assets benefitting from fixed rental increases, PFA Pension decided that the timing was now opportune to sell King’s Pool, which was its last remaining direct UK investment holding.”
chris.berkin@estatesgazette.com
