Praxis has completed the disposal of two office buildings in Reading, Berkshire, and Borehamwood, Hertfordshire, for £12m.
A private client of Lewis & Partners has bought the two buildings – Sussex House in Reading and Elstree House in Borehamwood.
Sussex House, a 23,800 sq ft town centre office building, sold for £4m, equivalent to £223 per sq ft.
Elstree House, a 57,500 sq ft office building sold for £8m, equivalent to £139 per sq ft.
Praxis has sold six assets since the beginning of the year totalling circa £50m.
Gabriel McLaughlin, head of asset management at Praxis, said: “These disposals have enabled us to crystallize an IRR of 42% over a circa three-year hold period.
“We will reinvest any capital into future opportunities in line with our active investment strategy.
“This strategy has seen us average two completions per months since November 2013 as we continue to find excellent investment opportunities in what is an increasingly competitive market.”
Finn & Co acted for Praxis.
