Standard Life Investments have recently announced their latest acquisition, 33 Charlotte Street, London, W1.
They have acquired the property on behalf of Standard Life Investments’ UK Property Fund, for a net figure of £19.10 million. They bought it from Capital & City Plc and the site comprises mainly of offices, as well as three restaurant units and some residential space. Purchase yield was 5.6%.
Manager of the UK Property Fund, Nigel Chapman said, “This acquisition provides the Fund with a prime, well specified West End building, multi-let to six tenants with an average unexpired lease term of 7.5 years. We anticipate strong rental and capital growth in this sector, and believe that the specific timing of lease events within the building should deliver strong performance to the Fund. Furthermore, it increases our West End exposure to c.12% in line with the Fund’s strategic positioning.
“This is the second purchase we’ve announced during the last month on behalf of the UK Property Fund, enabling us to reduce our cash position to c. 8.25%. We are currently in active discussions on a number of other opportunities and expect to reduce this position further in the near term.”
The vendor of the building was represented by Knight Frank, Jones Lang LaSalle represented the UK Property Fund/Standard Life Investments Plc.