Savills, on behalf of CERN’s in-house pension fund, has acquired Monument Place at 24 Monument Street, London EC3 from Rockspring Property Investment Managers and Alchemy Asset Management for £93 million. The purchase reflected a net initial yield of 4.4%.
Located in the heart of the City of London the building, totalling 82,600 sq ft (7,673 sq m) over ten storeys, comprises both prime office and retail space. New tenants include Ecclesiastical Insurance Office and law firm Cahill Gordon & Reindel. Three floors remain vacant.
Simon Ewart-Perks, director in the Central London team at Savills, comments: “Monument Place is a high quality development providing core investment exposure to the City of London office market and is well positioned to benefit from the strong rental growth forecast over the course of the next few years."
CERN (Organisation Européenne pour la Recherche Nucléaire) is a European intergovernmental research organisation based in Geneva, Switzerland. 24 Monument Street will be asset managed by Rocval, which also manages CERN’s European property portfolio.
Rockspring Property Investment Managers and Alchemy Asset Management were advised by Knight Frank.
Source: Savills savills.com