Indonesian investor Sinar Mas Land has secured a deal to buy the Alphabeta building, EC2, for £280m, a 4% yield.
The deal will crystallise a stellar return for Resolution Property, which has overseen a radical transformation of the City fringe block.
The 220,000 sq ft redevelopment has transformed the historic banking hall into a favourite of financially minded technology company occupiers, given its location at the intersection of the City of London and trendy Shoreditch.
Tenants in the fully let building include SEI, Silicon Valley Bank, Maxus Global, We Are Social, OpenTable, Pizza Buzz and Mendeley. Rents range from £45 per sq ft to £65 per sq ft, reflecting the movement in City fringe rental values since the debut deal in March 2014.
The lower rents on the initial leases offer the potential for substantial growth in the long term.
All leases in the building range between 10 and 15 years.
Resolution bought the building, formerly known as Triton Court, in summer 2012 for £43m from LPA receivers on behalf of HSH Nordbank.
GM Real Estate and Allsop advised Resolution on the sale.
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