Land Securities has sold Regis House, EC4 to Clerical Medical Investment Group for £83m.
The building, at 41-46 King William Street, includes 93,000 sq ft of offices, 5,700 sq ft of ground floor retail and a pub.
The deal represents an initial yield of about 5%.
Built by Land Securities in 1997, the building is multi-let to occupiers including Sun Microsystems and GE Frankona, with rental income at £4.41m pa.
Mike Hussey, Managing Director, London Portfolio at Land Securities, said: “This transaction represented an opportunity to release a significant premium value from an over-rented City of London holding for further reinvestment in other opportunities within London.”
Land Securities was advised by BH2. Insight Investment Management advised Clerical Medical Investment Group Limited.
References: EGi News 04/05/06
