A European real estate company has bought the Leadenhall Court office building in London for £65 million.
Hammerson plc purchased the fully let building on the corner of Gracechurch Street and Leadenhall Street to benefit from the present market situation and a customer demand for office space.
Chief executive of the firm David Atkins said: “This acquisition is in line with our strategy to take advantage of attractive opportunities offered by current market conditions”.
He added: “The building will allow us to use our asset management skills to create value while offering a high initial yield and an immediate positive contribution to earnings”.
The building was built in 1988 and was part of a deal known as a the ‘White Tower’. Eight other buildings were involved in the deal, which was supported by real estate investor Simon Halabi.
According to The Financial Times, Hammerson has a 129 year lease on the building, which is tenanted up until March 2014. RSA Insurance is the biggest occupier.