UBS Asset Management’s real estate and private markets business has bought Churchill House on Old Street, EC1, for £25.9m, a yield of 4.3%.
The building was bought from a discretionary corporate pension fund client of Savills Investment Management.
The 26,738 sq ft office was refurbished in 2014 with the aim of attracting media tenants. It is multi-let to five tenants, providing a weighted average lease term of 3.5 years to lease break and with a yield of 4.3%.
Howard Meaney, head of real estate UK at UBS-AM, said: “The low passing rent of £44 per sq ft offers good reversionary prospects, while the identified asset management opportunities mean we’re well placed to continue adding value for the benefit of our client.”
UBS-AM was advised by JLL; Savills Investment Management was advised by Springer Nicolas.
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