F and C Commercial Property Trust said it had off-loaded a large Oxford Street property, which is currently the home of Boots.
The firm has sold its long leasehold interest in 385/389 Oxford Street in Central London for £28.1m.
The property is entirely let to Boots UK on a lease expiring in June 2019 at an annual rent of £1.075m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The buyer remained anonymous but F&C said the deal "takes advantage of the current strong demand from overseas investors for Central London retail properties".
F&C said the sale price compared to the last external valuation of £23.9m and meanest a net initial yield of 3.62%.
"It provides an opportunity for capital to be deployed into new opportunities to provide a higher income return for the company", the firm said.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
-
How extending stealth tax freeze would cancel out pensioners’ Winter Fuel Payment by 2030Pensioners relying on just the full new state pension face paying tax on their income within a few years, as the payment rises but thresholds remain frozen
