Cushman & Wakefield HQ sells for £108 million

Cushman & Wakefield’s London HQ been bought for around £108 million by North European investment services group SEB.

Invista, which owns the office building through a number of its funds at 43-45 Portman Square, was forced to sell it due to debt facility rules. The building consists of 163,000 square feet of space and completion of the sale is scheduled for 31st March 2010. SEB focuses on Scandinavia, Germany and the Baltic States and has total assets of €220 billion. Cushman & Wakefield leases 69,2000 square feet of office space at the property at an average rent of £79 per square foot.

Invista’s listed Invista Foundation Property Trust, which had a 21.6% shareholding in the building, is barred from having more than 10% of its debt secured against partial stakes in the buildings. The trust’s share sold for £23.1 million.

Invista originally bought Portman Square House in March 2006 for £127.5 million, a 3.5% yield. It was included in a £400 million portfolio of Central London buildings put up for sale by Invista last year but was withdrawn after the fund manager failed to secure a jv partner. Selected assets from the portfolio have since been sold.

BH2 advised Invista, while Cushman & Wakefield acted for SEB.

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