Aberdeen Standard Investments has sold the freehold of 48-50 St John Street, Farringdon, EC1, on behalf of Courts Nominees to investor Patrizia for £17m.
The 19,500 sq ft office building is multi-let to four tenants, producing an annual income of just under £890,000. The deal reflects a net initial yield of 4.9%.
Newly established City Fringe agency Compton acted on behalf of ASI. Compton founder Michael Raibin said: “The sale of this high-profile investment confirms the demand for properties in this vibrant City Fringe market.”
Lynn MacFarlane of ASI added: “This is a fantastic result for the fund and the sale price achieved is testament to the success of our active management strategy with this building, which the fund has owned since 1998.”
The Augsberg-based investor bought the company on behalf of a German institutional client.
Knight Frank represented Patrizia in the acquisition.
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