Singaporean investor Ho Bee Land has placed the City’s Ropemaker Place, EC2, under offer for around £650m – a net initial yield of circa 4.6%.
The 578,000 sq ft office building at 25 Ropemaker Street, EC2, is being sold by AXA IM-Real Assets, Gingko Tree Investment and South Korea’s Hanwha Group. JLL and Eastdil Secured were first appointed to sell the building in December, with a price tag of more than £700m, reflecting a net initial yield of 4.25%.
The consortium acquired the building from British Land in 2013 for £472m – a net initial yield of 5%.
Tenants include Bank of Tokyo, Liberum Capital and Macquarie Bank.
Ho Bee made its UK debut with the acquisition of Rose Court, SE1, in 2013 and has since built up a substantial London office portfolio which includes 67 Lombard Street, EC3, 39 Victoria Street, SW1, and 110 Park Street, W1.
Ho Bee Land is unrepresented.
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