London-based real estate services provider Savills and Capital Real Estate Partners, on behalf of peer Ocubis, have wrapped up the divestment of Cannon Green, London EC4, for 120 million pounds ($151.6 million), reflecting a net initial yield of circa. 5 percent.
The building, which is adjacent to Cannon Street Station, was bought by Ocubis in 2013 who subsequently undertook major renovations to create a new high-quality office, restaurant and leisure accommodation.
The property was sold to South Korean investment manager Kiwoom Asset Management Co.
The building is fully let generating $8 million per annum and offers a diversified tenant base with long unexpired lease terms.