Nuveen Real Estate, formerly TH Real Estate, has exchanged contracts to sell the Steward Building, E1, to Saudi investor Al Rashed for £97m – a net initial yield of 4%.
Nuveen Real Estate has agreed to sell the 57,000 sq ft office and retail building, which it bought in 2011 before redeveloping it, on behalf of its Central London Office Fund.
The Steward Building is fully let to tenants including Bacardi and research firm Third Bridge, which made headlines in 2015 when it agreed to pay £70 per sq ft, setting what was then a record high for the E1 area.
BH2 advised Nuveen Real Estate; Anglo Indian and Michael Elliott advised Al Rashed.
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