F&C Commercial Property Trust has completed the sale of its freehold interest in 25 Great Pulteney Street, London W1 for £54.4 million, reflecting a net initial yield of 3.95%.
The property comprises a seven-storey building providing high quality, contemporary, Grade A office accommodation and is fully let to four tenants. The sale price compares to the valuation as at 30 September of £51.2 million.
25 Great Pulteney Street is a property that the company fully redeveloped, completing in 2011. It was subsequently leased at high rents reflecting the quality of the building. The most recent re- letting achieved a rent of £96.50psf.
F&C Commercial Property says the disposal crystallises substantial value for the company, reduces its exposure to Central London and allows capital to be deployed into other opportunities.
At 9:40am: (LON:FCPT) FC Commercial Property Tst Ld share price was 0p at 136.5p
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