BlackRock has sold Sony Playstation’s European headquarters to Qatar’s Alduwaliya Asset Management for £104m – a 4.5% yield, in an off-market deal.
Colliers was instructed to sell the 70,000 sq ft West End trophy at 10-12 Great Marlborough Street, W1, which is fully let to Sony Computer Entertainment Europe until 2028, with a break in 2023, at a rent of around £60 per sq ft.
The asset is held in the £3.3bn BlackRock UK Property Fund, which has experienced higher than usual redemptions since the outset of the EU referendum.
The deal follows TH Real Estate’s sale of Ryder Court, SW1, on behalf of Henderson to repay redemptions on the £3.9bn UK Property Fund.
Chinese developer Vanke purchased the asset for £115m – a 4.3% yield.
The investments signal a continued appetite from overseas investors keen to take advantage of the post-EU referendum currency window and suggest a slight softening of yields in the West End.
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