Scottish Widows Investment Partnership have snapped up two London office properties totalling 65,000 square feet for just under £30 million.
The financial giant’s unit funds will acquire 20 Golden Square for £27.1 million from Apperly Properties. The Golden Square development consists of 22,000 square feet of Grade II office space and cost around £13.2 million. This represents a net yield of 5.1%. Scottish Widows were advised by CBRE, while H2SO and Lewis Ellis represented Apperley Properties.
SWIP have also acquired Prospero House on Borough High Street for £13.9 million. They acquired the commercial property from Dorrington and the deal reflects a net yield of 7.28%. The building consists of around 43,000 square feet of quality office space.
H2SO advised SWIP, while Dorrington was represented by Hanover Green and Kingly Partners.
The deals marks the first acquisitions for SWIP for 30 months. There are rumours that SWIP now have around £100 million to invest in UK real estate but with rents set to rise in the City in the next few weeks, the firm will have to move quickly if they want to secure a bargain.