La Française Real Estate Partners International has bought its second UK property in four months on behalf of a La Française collective real estate investment vehicle.
It has paid £15.56m for 17-18 Haywards Place, EC1 to seller Pencross Assets, reflecting a net initial yield of 4.22%.
The recently refurbished warehouse-style building provides 11,000 sq ft of office space across six floors close to Farringdon station. It is fully let to four tenants.
Peter Balfour, investment director of La Française Real Estate Partners International – UK, said: “17-18 Haywards Place follows the theme of focusing on buildings that are attractive to modern occupiers and which benefit from improvements to the transport infrastructure in London.”
It follows La Française’s entrance into the UK market in April with the £48.5m purchase of 90 Bartholomew Close, EC1, which kicked off plans to create a £1bn portfolio in the country.
Crossland Otter Hunt represented La Française Real Estate Partners International and Cyril Leonard advised Pencross Assets.
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