Ivanhoé Cambridge, the property arm of Canada’s Caisse de dépôt et placement du Québec, has bought Stonecutter Court, EC4, from Hines Global REIT for £112m – a circa 5.5% yield.
Greycoat will asset manage the 150,000 sq ft office block for Ivanhoé Cambridge.
The building is principally let to Deloitte.
Ivanhoé Cambridge vice president, Europe, Meka Brunel, said: “London is one of the key European cities in which Ivanhoé Cambridge wants to build a critical mass of high-quality assets.
“Stonecutter Court’s location in Midtown and its overall features respond precisely
to our long-term investment objectives.”
Ross Blair, senior managing director at Hines UK, added: “Since we acquired the asset there have been significant developments commenced in the local area which continue to improve this part of the City.”
DTZ advised Hines Global REIT; CBRE and Greycoat acted for Ivanhoé Cambridge.
