Frogmore has sold Weston House, 242-246 High Holborn, WC1, to Sidra Capital UK for £94m, reflecting a yield of circa 5%.
The firm was looking for offers around £103.5m for the 89,000 sq ft, seven-storey building, which includes Princess Diana’s divorce law firm Mischon de Reya and the Secretary of State for communities and local government as it’s tenants.
Frogmore bought Weston House in 2015 for around £60m and refurbished the property, which is now fully let, with a Little Waitrose filling the ground-floor retail.
Saudi multi-family office Sidra Capital announced its plans in March last year to invest around £1bn in prime central London property, and has three projects in the area including the conversion of two office buildings on Chancery Lane into 49 luxury apartments.
Hani Baothman, vice chairman of Sidra Capital, said: “This acquisition adds to Sidra Capital’s other large London holdings and complements our aggressive acquisition programme of long income value accretive properties across the UK.
“This takes Sidra Capital’s AUM in the UK to over £600m, with activity this year alone exceeding £175m.
“Weston House balances out our London and regional portfolios, together fulfilling our European long income strategy.”
Tim Allibone, director of asset management at Frogmore, added: “This transaction realises our investment business plan and provides a successful outcome for all stakeholders. Our plan included a significant refurbishment of the building and culminated in securing long-term lettings to Grade A tenants including Mishon de Reya and the Secretary of State for communities & local government.”
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