Union Investment has completed its £220m purchase of 160 Aldersgate, EC1.
The German open-ended fund manager has bought the building at a price reflecting a 4.5% yield from Castleforge Partners.
The 208,000 sq ft office is let to law firm DLA Piper on a 20-year lease.
Martin Schellein, head of Investment management, Europe, at Union said: “The 160 Aldersgate Street property is the second office building of its size that we have acquired in London this year.
“In both cases, we are investing in excellent locations where we see further development potential due to the dynamic local environment. Long-term leases also fulfil what is the most important condition of our conservative investment approach to the UK real estate markets.”
Castleforge Partners was advised by GM Real Estate. Union was advised by Savills.
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