BlackRock UK Property Fund has purchased the Atrium on Harefield Road in Uxbridge, Middlesex, for £55.9m from Aviva Investors.
The 138,000 sq ft multi-let office is let to tenants including Anadarko, PwC and Insight Direct.
At a yield of 5.7%, the purchase price represents a capital value of £405 per sq ft.
Portfolio manager Justin Brown said: “This is a quality, core investment for the portfolio that will prove resilient in all market conditions. Uxbridge is a historically stable market, particularly within the office sector, and as such attracts premier tenants. The Atrium is one of the best multi-let office properties in the South East. It offers attributes that are difficult to replicate in modern buildings, providing atrium space, strong natural light and car parking which are all attractive characteristics to long-term premier tenants.”
Bray Fox Smith acted as agent for BlackRock; Strutt & Parker acted for Aviva.
