10th Nov 2014 07:51
LONDON (Alliance News) - Workspace Group PLC said Monday that it has acquired 160 Fleet Street in London for GBP29.7 million from administrators acting for the National Asset Management Agency.
The property had previously been owned and operated by the Business Environment Group. It has a net internal area of 54,000 square feet, and was recently refurbished in 2009 to include a new reception, gym, breakout areas, and a suite of meeting rooms.
It is being acquired with an overall occupancy of 48%, at a net initial yield of 3.7%, and at a capital value of GBP549 per square foot. A banking hall in the building is let to NatWest Bank until 2023.
"This is our fourth acquisition over the last year and continues our strategy of expanding our portfolio in key areas where we can leverage our operational platform to capture significant customer demand for our flexible and innovative business space," said Chief Executive Officer Jamie Hopkins in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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