Aviva Investors to sell two City buildings worth more than £76 million
November 21st, 2009 | by Amy EdwardsAviva Investors has instructed DTZ to sell two buildings in the City of London worth more than £76 million according to Property Week.
The two buildings were part of the Project Ed portfolio that was under offer to Chester Properties earlier this but the deal fell through. 24 Chiswell Street has 76, 393 square feet of office space and is being marketed for £30.75 million. Earl Place at 15 Appold Street in the City is held freehold and is fully let to four tenants with an average weighted unexpired lease term of around 6 years. The total rent passing equates to around £40.62 per square foot overall.
Fountain House on Fenchurch Street is the only other City property in the portfolio and is not being sold.
24 Chiswell Street is for sale at £30.75 million which equates to a net yield of 7.75%. After the allowance of purchaser’s costs at 5.725%, this equates to a value of £403 per square foot. The building is currently held on a virtual free-hold basis, via a long lease from The Honourable Artillery Company, for a term ending 19th March 3912 at a fixed rent of £5 per year.
In other news Blackrock Investment Management yesterday said that it would transfer two real estate funds to Aviva Investors. The investment management function of the Luxembourg and Jersey domiciled funds will now be handled by the Real Estate Multi Manager Team within Aviva Investors. The transfer comes after BlackRock’s former head of real estate fund of funds John Gellatly joined Aviva Investors from BlackRock in September.
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