The sale of a commercial development asset in London's West End has raised £52 million.
An asset management firm has agreed a multi-million pound deal to purchase a major
commercial development in London's West End.
Real IS, a sub-division of the BayernLB
property investment firm, is to pay £52 million for the offices at 21 Bloomsbury Street, which spans 80,000 sq ft, according to Property Week.
The building already has a major tenant - the secretary of state for transport, local government and the regions is to occupy the lease until 2022.
"We are pursuing the fund's underlying strategy by selecting a property in a prime location and a tenant with an excellent credit standing," Andreas Heibrock of Real IS told the publication.
Another major commercial development sale was announced this week, with Catalyst European Property Fund LP parting with £91.55 million for the acquisition of the Stratford shopping centre, close to the site of the 2012 Olympic Games.
Posted by Allan Flowers.
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