Aberdeen Asset Management has bought the freehold interests of Quick and Tower House in Shoreditch, EC2, for £33.6m.
The sale, by UBS Global Asset Management, reflects a net initial yield of 4.15% and a capital value of £624 per sq ft.
The two office buildings comprise a total of 53,745 sq ft of space, which is let to four tenants until December 2020. The annual rental income is £1.47m.
The buildings are located on a 0.5-acre site, which means that redevelopment, subject to consent, is possible. Quick and Tower House is located on a site fronting Clifton Street and Worship Street.
Aberdeen bought the building via the SWIP Property Trust, which worked alongside development adviser Endurance Land.
sophia.furber@estatesgazette.com
