Skandia Life Insurance Co have paid £25.5m for three investment properties in London’s West End. The properties comprise shops and offices and are located at 91-101 Oxford Street, 257-261 Oxford Street and 122-124 Regent Street.
Bought from City Site Estates, the buildings have a current rental income of £1.18m pa and represent Skandia’s first commercial acquisitions in the UK. They were advised by Ian Scott & Co.
City Site Estates said that the proceeds of the sale will be used to repay short-term borrowings and leaves them in “an extremely strong position from which to undertake substantial further acquisitions”.
