SEB Asset Management sells office property in the City of London after successful repositioning
SEB Asset Management sold One Threadneedle Street after a successful repositioning and the signing of a long-term lease. The property, which is part of the open-ended real estate fund SEB ImmoPortfolio Target Return Fund ‘s portfolio, underwent extensive revitalisation work in the period up to the end of July 2012 and has a total of 5,092 sqm of rental space. SEB Asset Management signed a 20-year lease without break options for the entire property in August 2012 with Nationwide Building Society. Exclusive sales negotiations were conducted with a prospective buyer. The new owner of the office building in London’s financial district is a client of Deutsche Bank. The selling price is GBP 63 million (approximately EUR 77 million) at 1,149 GBP per square feet. This represents a net initial yield for the buyer of 4.5%.
SEB Asset Management bought the Grade A property, which was built in 1992, in 2009. As part of the property’s complete renovation and repositioning in 2011/2012, all technical facilities were renewed and the layout of the individual storeys was redesigned, increasing the efficiency and flexibility of the space.
Source: SEB Asset Management