17th Mar 2016 08:49
LONDON (Alliance News) - Property investor Market Tech Holdings Ltd on Thursday said it has acquired a further property in central London for GBP58.2 million.
The company, which owns and operates the main Camden market properties in north London, said it has acquired 7-11 Herbrand Street, located near Russell Square.
The property offers 66,406 square feet of office space and is leased to McCann, the advertising agency. The net initial yield on the purchase is 4.8%.
"Herbrand Street is an exciting addition to our growing estate, with strong yielding cash-flow and reversionary potential. This demonstrates our targeted approach to sourcing acquisitions across London with an ongoing focus on our core Camden estate," said Charles Butler, Market Tech's chief executive.
Shares in Market Tech were untraded on Thursday morning, having last traded at 179.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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