Ardstone Capital has agreed deals to sell a pair of City buildings for close to £90m.
The private investment manager appointed CBRE to sell 1 Kings Arms Yard and 30 King Street, both EC2, for a combined £85m in February this year.
It has now agreed terms with Knight Frank Investment Management on behalf of Amundi to sell 1 Kings Arms Yard for more than £50m, reflecting a sub-4.5% yield.
It has also agreed a deal with Orchard Street Investment Management for 30 King Street, at a price of more than £35m, a circa 4.2% yield.
Both buildings were bought as a part of a portfolio of City development opportunities, which were acquired by Ardstone on behalf of the Cornerstone Fund in 2006.
Kings Arms Yard is comprised of more than 55,000 sq ft of multilet office space.
King Street comprises 32,000 sq ft and is also multilet.
Both of the buildings were developed in 2008.
Ardstone sold the third asset in the portfolio – 1 Bartholomew Lane, EC2 (pictured) – to the Korea Investment Corporation in 2012.
