NorthStar Realty Europe is to partner with China Resources Land to buy 20 Gresham Street in the City of London.
NRE will take a stake in the JV, which is understood to be paying just under the asking price of £315m. NRE will be the buildings asset manager.
EG revealed in April that China Resources Land were under offer on the building for around £307m, a net intial yield of 4.1%.
Cushman & Wakefiled were instructed by AXA Investment Managers – Real Assets to sell the prime city office building in February 2017 for a 4% yield.
The main tenant in the 240,000 sq ft building is ICBC Standard Bank.
To send feedback, email louisa.clarence-smith@egi.co.uk, or tweet @louisaclarence or @estatesgazette.
