The Scottish Widows Investment Partnership Property Trust (SWIPPT) have made a central London commercial property investment.
The organisation released a statement yesterday announcing the purchase of 60 Charlotte Street, Fitzrovia, from The Premier Property Group (PPG) at £32.4m, reflecting a net initial yield of 5%
The SWIPPT was the largest net institutional investor in the UK real estate market in 2009 and has seen a dramatic growth in assets under management to more than £2bn.
Formerly the headquarters for Channel 4, 60 Charlotte Street was acquired by PPG in 2007. It was then extensively remodelled, with tenants including The British Olympic Association, Lionsgate and Gaucho Grill.
Gerry Ferguson, head of UK wholesale estate funds at SWIP commented, “The acquisition of 60 Charlotte Street, with its prime London location, very much fits with our strategy for SWIPPT of investing in core, quality property with secure income and the clear prospect of income growth.”
PPG Director Andrew Glasgow commented, “We are delighted to complete the sale of this landmark London office building following a successful letting campaign, particularly during such a difficult market period. The price achieved reflects the quality of our building and its prospects for growth in the future”
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