Aberdeen Standard Investments and Endurance Land have completed the sale of The Cursitor Building on Chancery Lane to Deka Immobilien for £86.0m.
The price paid by the German fund manager represents a net intial yield of 4.71% and a price per square foot of £1,166.
The building was fully let – within 6 months of the practical completion of the extensive refurbishment last year – to five tenants including serviced office provider WeWork and leading healthcare specialist Preventicum. The property has an average weighted unexpired lease term in excess of 16 years.
“The sale represents an excellent conclusion to a very successful business plan. By creating a best in class asset we were able to attract a diverse range of good quality tenants. The subsequent tenant mix and income profile has proven attractive to Investors” said Jonathan Fletcher, founder of Endurance Land.
The 73,788 sq ft building benefits from an Excellent BREEAM rating and a Platinum Wired Score rating, underlining the building’s sustainable and connectivity credentials.
Commenting on the sale, Tim Sankey, Fund Manager at Aberdeen Standard Investments said: “We are delighted to have concluded the sale. It is a great outcome for the Fund following the completion of the works last year.’
Knight Frank acted for Aberdeen Standard Investments, whilst CBRE and Savills advised Deka.