On behalf of its German joint venture, Warburg-Henderson, Henderson Global Investors has completed the sale of 158-164 Bishopsgate to UBS Global Asset Management for £29.25 million, reflecting a net initial yield of 4.94%.
Formerly a Victorian fire station, the 45,634 sq ft space was redeveloped in 1998, with a further office refurbishment in 2011.
The multi-let space is held on a long lease from the Goldsmiths’ Company with 156 years remaining at a gearing of 10.5%. Approximately 60% of the income comes from a retail unit on the ground and basement floors which are leased to Tesco for a further 10 years.
Martin Payne, Fund Manager at Henderson, who is responsible for the JV's investment in the UK markets commented: "This transaction is a key part of our investment strategy and is consistent with our wider business plan."
Henderson was advised by Deloitte Real Estate and UBS Global Asset Management was advised by Oxygen Asset Management.
Formerly a Victorian fire station, the 45,634 sq ft space was redeveloped in 1998, with a further office refurbishment in 2011.
The multi-let space is held on a long lease from the Goldsmiths’ Company with 156 years remaining at a gearing of 10.5%. Approximately 60% of the income comes from a retail unit on the ground and basement floors which are leased to Tesco for a further 10 years.
Martin Payne, Fund Manager at Henderson, who is responsible for the JV's investment in the UK markets commented: "This transaction is a key part of our investment strategy and is consistent with our wider business plan."
Henderson was advised by Deloitte Real Estate and UBS Global Asset Management was advised by Oxygen Asset Management.
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