BMO Commercial Property Trust Limited (LSE: BCPT) has sold Cassini House.

The prime multi-let freehold office building was the second-largest holding in the portfolio.

The Company has sold the property for a total consideration of £145.5million, reflecting a substantial increase of 11% over the last external valuation of 30 June 2021 and 19% over the year-end valuation of 31 December 2020.

The sale marks the completion of a long-term business plan that included a thorough refurbishment, new tenant introductions, and lease re-gearing.

Richard Kirby, lead manager, said: “Following a competitive bidding process in which the Company received several high-quality proposals, we are pleased to achieve a strong net initial yield1 of 3.2 per cent for this trophy property and crystallise significant value for the portfolio. This disposal will allow the Company to promptly recycle capital in a strong pipeline and adjust sector weightings. We look forward to providing a further update of the use of proceeds in due course.”