UBS Global Asset Management’s Global Real Estate team has acquired Pellipar House, 9 Cloak Lane, EC4 for £17.7m, reflecting a net initial yield of 5.5%.
The six-storey 30,000 sq ft office building is the fourth asset acquired for the £154m Investment Circle UK fund. The fund has now invested £79m over the past 12 months and has £75m left to invest.
UBS plans to spend roughly 40% on central London offices, an equal proportion on UK retail and the remainder on UK office refurbishment schemes.
ING Real Estate bought Pellipar House in 2005 from Scottish Provident Limited for an undisclosed sum.
UBS bought Pepilar from Westbook. It was advised by Tudor Toone.
jack.sidders@estatesgazette.com
