Aberdeen Asset Management has brought the Asticus Building, SW1, to market for £75m – a net initial yield of 4%.
JLL has been instructed to sell the 57,049 sq ft office building at 21 Palmer Street as Aberdeen continues to streamline its portfolio.
In the six months to 31 March 2016, Aberdeen shed £1.7bn of lower-margin properties. Recent disposals include 61 Southwark Street, SE1, and 1 Welbeck Street, W1. In February, JLL was instructed to sell Aberdeen’s Exchange Place in Edinburgh for around £85m.
The company is investing heavily in the UK private rented sector, pledging to spend £500m over the next five years.
The Asticus Building stands on the site once occupied by Caxton Hall, which was built in 1878 as Westminster Town Hall and was the venue for the marriages of Sir Anthony Eden, Elizabeth Taylor and Ringo Starr.
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