London property sale
Aberdeen Standard Investments seeks £136m for City block
The 100,000 sq ft Grade A office and retail building occupies a site between the Bank of England and St Paul’s Cathedral.
Joint venture partners CarVal Investors, Orion Capital Managers, the City of London Corporation and Quadrant Estates built the ten storey building which includes 9,000 sq ft of retail accommodation.
Standard Life Investments Pooled Pension Property Fund acquired the building in 2014. It was one of the last parts of Cheapside to be developed, and was completed in October of that year.
The sale price represents a yield of 4.25%.