INDUSTRY NEWS

West End purchase for Standard Life

Standard Life Investments, one of Europe’s best-known and successful asset managers, have bought 33 Charlotte Street in London’s West End. The building contains a mixture of leisure, residential and office space. Standard Life paid just in excess of £19 million for the property, at a yield of 5.6 percent.

The development was purchased on behalf of its £230 million UK Property Fund, increasing the fund’s exposure to West End property to 12 percent. The building is presently let to six tenants, with an average remaining lease of 7.5 years. A spokesperson for Standard Life said that the fund managers were hoping to make further purchases in the near future.

Last month, the fund acquired a 58,000 square foot retail park for £18 million. The fund was launched in October 2005, but was only made accessible to retail investors in August of last year.

 

Image: Flickr (Phototram)