Structadene has bought the long leasehold interest in 46 New Broad Street in the City of London for £15.6m.

It bought the 35,500 sq ft office building from German closed-end fund IVG.

The deal reflected a net initial yield of 6.7%.


The building is leased to Deutsche Bank until November 2010 at a rent of £1.33m a year equating to 37.50/sq ft and is held on a long lease from the City of London at a 17% gearing.

There is 104 years unexpired on the lease.

Cushman & Wakefield advised Structadene. Knight Frank and CB Richard Ellis advised IVG.