The Greater London Fund has completed its purchase of a building at West London’s Stockley Park for £17.5m, as tipped by Property Week (16.11.07).
The fund, a joint venture between IVG and AXA REIM, bought 2 Longwalk Avenue from the Universities Supperannuation Scheme (USS) at a net initial yield of 3.23%, and an equivalent yield of 6.25%.
The 48,606 sq ft building is partially let to Rackspace Managed Hosting for a further eight years.
USS is represented by DTZ Investment Management. DTZ acted on the sale of 2 Longwalk.