Longford Group has sold a freehold portfolio of six business centres to RREEF UK Property Office Fund for £58m.
The price paid by the real estate investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank, reflects a yield of 5.9%.
Three business centres are located in the West End (15 Stratton Street, 16 Hanover Square and 62-65 Chandos Place, Covent Garden) while the other three are located in Windsor (Thames Court and Orchard Lea) and Maidenhead (Moorbridge Court ).
The serviced office provider Longford Business Centres, a subsidiary of the Longford Group, has taken a leaseback on the properties.
The properties at Hanover Square and Stratton Street have been let on flexible terms.
RREEF represented the fund while Longford was represented by Doherty Baines.
References: EGi News 14/11/05
