The Corporation of London has bought 20 St Dunstans Hill, EC3, from REIT Asset Management for its City Fund.
The corporation is believed to have paid close to the asking price of £29m, which reflects an initial yield in the region of 7.25%.
The 54,500 sq ft (5,000 sq m) building is let to Den Norske Bank, the largest bank in Norway, until 2014 at around £40 per sq ft.
Franc Warwick acted for REIT. Thompson Yates represented the corporation.
EGi News 04/10/02
