AXA Investment Managers and Morgan Capital Partners have sold 20 St Andrew Street, EC4, for £73.8m to the National Bank of Kuwait.
The sale price reflects a net initial yield of 4.81% for the circa 59,000 sq ft building
AXA IM and Morgan Capital Partners acquired the freehold office building in 2015 for more than £30m and underwent a refurbishment adding a ninth floor.
Tenants at the Holborn office include rail operator Abellio East Anglia, law firm Thrings and Reorg Research.
Cushman & Wakefield acted for the National Bank of Kuwait, which was acting on behalf of a private client; Colliers International advised AXA IM and Morgan Capital Partners.
Meanwhile, the in-house pension fund of the European Organisation for Nuclear Research (Cern) has sold Monument Place, EC3, to a private Hong Kong investors for around £90m, representing a net initial yield of 4.6%.
Cern Pension Fund purchased the 82,600 sq ft property in 2015 from Rockspring Property Investment Managers and Alchemy Asset Management for £93m – a net initial yield of 4.46%.
Tenants at Monument Place include rail operator Govia and law firms Brahams Dutt Badrick French, Cahill Gordon & Reindel and Pérez Llorca.
Cern Pension Fund was advised by BNP Paribas Real Estate.
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