German open-ended fund Deka has bought Prudential’s Christchurch Court for close to £200m, which reflects a yield of around 6.5%.
The 300,000 sq ft building on 15 Newgate Street EC4 is let to investment bank Goldman Sachs at a rent in the late £40s for a further 17 years.
A source close to Prudential said: “The Pru decided to cash in on the German appetite for well-let buildings on long leases.”
It follows the news last week that Deka is also buying Prudential’s 244,000 sq ft Atlantic House at 45-50 Holborn Viaduct EC1, which is let to Lovells for more than £110m. CB Richard Ellis and FPDSavills advise Deka.
Prudential is also selling 33 Old Broad Street EC2 and a 45% stake in Winchester House, EC2.
References: EGi News 10/11/03
