Legal & General Investment Management Real Assets has sold 9 Argyll Street, W1, to a private overseas investor for £21.3m – a yield of 2.8%.
The company sold the building after an asset management programme that it said resulted in a 49% increase in rental values.
It also restructured the lease for the building’s sixth floor offices and re-let the fourth and fifth floor offices, securing headline rents of £72.50 per sq ft.
James Whitehill, senior fund manager of the Life Fund at LGIM Real Assets, said: “The successful conclusion of the various initiatives under the business plan coupled with the subsequent sale are testament to the expertise of our asset management team.
“These initiatives have in turn delivered excellent returns for the fund.”
CBRE acted for LGIM Real Assets and Springer Nicolas acted for the buyer.
• To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette
