AXA Real Estate is under offer to buy the long leasehold interest in the Rex building at 62 Queen Street, EC4, from Aberdeen Asset Management for close to £70m.
The 75,000 sq ft building was let principally to Gartmore Investment Management on a 15-year lease in 2010 before the struggling fund manager was rescued by Henderson the following year.
It was developed in 2007 by Exemplar on behalf of the UBS Triton Fund and sold to the Scottish Widows Investment Partnership – which was subsequently acquired by Aberdeen – for £57.4m, a 4.64% yield, in March 2014.
The building’s rents are highly reversionary, offering substantial potential growth at upcoming rent reviews.
Strutt & Parker is advising on the sale.
jack.sidders@estatesgazette.com
