Family office buys City office block

Office buildings1A family office has paid £40 million for a recently refurbished freehold office building in the heart of the City of London. Cordea Savills, a property investment manager, bought 29 Clement’s Lane (also known as 33 Lombard Street) on behalf of the unnamed private family office. The building is let to a strong covenant for ten years. It was acquired at a net initial yield of 6%. Chris Lewis, director of investment at Cordea Savills, says: “The asset fulfilled our client’s requirements for a prime freehold building with long-term underlying value and a strong occupational history.” ©2013 funds europe

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