Royal London Asset Management has bought an office scheme in Soho from UK Commercial Property REIT for £73.2m.
The 49,094 sq ft freehold office building, 15 Great Marlborough Street, W1, is arranged over nine floors and includes 10,094 sq ft of retail space on the ground and lower ground floors.
The building was constructed in 1998 and is 100% occupied.
The office space is let entirely to Sony Interactive Entertainment and the retail space is occupied by Costa and Fitness First.
Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: “Having completed a number of asset management initiatives during our ownership, our decision to sell at this point in time crystallises significant value for our shareholders.
“This sale is in line with our strategy to grow earnings by transferring capital to higher yielding stock with sustainable income streams with growth potential.”
Keith Miller, senior fund manager and head of offices at Royal London Asset Management, said: “The acquisition is in line with the fund’s strategy to invest long term in high-quality well-located assets offering rental growth and value-add asset management opportunities.”
UKCM was advised by JLL. RLAM was advised by CBRE.
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