UK & European Investments has sold 9 Kingsway, WC2, for £45m – a yield of 3.8%.
The buyer is understood to be a private Spanish client of French banking giant BNP Paribas and was advised by BNP Paribas Real Estate.
The 37,500 sq ft building was acquired by UK & European Investments in 2005 and refurbished in 2013.
The property is fully let. Most recently, the Chartered Institute of Building secured the seventh floor at rent approaching £65 per sq ft.
The company will join tenants including Reed Learning, Live Nation and Working Partners.
John Stacey, asset management director of UK & European Investments, said: “Our decision to sell 9 Kingsway follows a competitive marketing process and comes at a time when we are witnessing record-breaking investment volumes in the London investment market.
“A sale at this time coincides with a point in the cycle where rental levels are at an all-time high and investment yields are at a record low.
“We are carefully seeking opportunities in the UK and key European cities for value-add projects and will continue with our disciplined approach to property selection during 2016.”
JLL acted for UK & European Investments.
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