Spanish insurance company Santalucia Seguros has made its debut London purchase at 2 Moorgate, EC2.
The insurance company paid around £32.4m for the freehold of the 26,835 sq ft building on a sale and leaseback basis.
The price reflects a net initial yield of circa 3.8%. It is the first time the insurance company has invested in commercial property outside Spain.
Knight Frank was instructed to market the building earlier this year for £30m – a net initial yield of 4.11%.
Also known as Founders Court, the building is the headquarters of Brown Shipley Private Bank, which has occupied the site since 1863.
The Grade II listed building which was refurbished in 2014 includes terraces overlooking the Bank of England.
The deal sees the bank take on a new 10 year lease term at a rent of £1.3m per annum, which equates to £49.10 per sq ft overall.
It includes an open market rent review in year five with a minimum uplift of £1.4m (1% per annum) and a maximum of £1.6m (4% per annum).
Cushman & Wakefield represented Santalucia Seguros.
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