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
22/12/2012 23:33 by Buildington
SEB Asset Management has let the entire One Threadneedle Street property in London’s financial district to Nationwide Building Society. The lease runs for 20 years. The property, part of the portfolio belonging to the SEB ImmoPortfolio Target Return Fund open-ended real estate fund, underwent extensive revitalisation work in the period up to the end of July 2012 and has a total of 5,077 sqm of rental space. Nationwide will use the building as its new UK headquarters and will open a new branch on the ground floor. Savills and CBRE acted as the agents during negotiations.
SEB Asset Management bought the Grade A property, which was built in 1992, in 2009. During the property’s complete renovation and repositioning in 2011/2012, all technical facilities were refurbished and the layout of the individual storeys was redesigned, increasing the efficiency and flexibility of the space. The preservation-worthy facade – a typical example of London architecture – was modernised in close cooperation with London’s public authorities. New windows, a reduction in the number of stylistic elements in the facade and changes to the interior all contribute to a light and airy, clear-cut design. Sustainability issues were a key focus in all construction measures, resulting in a “very good” BREEAM certificate.
SEB ImmoPortfolio Target Return Fund is an open-ended real estate fund with an international investment strategy. It is aimed at institutional investors and high net worth individuals. The Fund is invested in 49 properties in 13 countries.
Source: SEB Asset Management
28/08/2012 23:01 by Buildington