UK property development company LBS Properties has bought the Defoe Court building in Durham, England for nearly 32 million pounds ($40.5 million).
Located just 150 metres from the iconic Old Street roundabout, the property consists 43,146 square feet of accommodation, arranged over lower ground, ground and five upper floors.
LBS Properties intends to fully renovate and potentially expand the property, which was acquired from French investment manager Amundi Asset Management.
The transaction reflects an initial yield of around 4.5 percent and forms part of a broader Amundi Collection’ portfolio divestment.