Standard Life Investments has confirmed the sale of 50 Finsbury Square to German open ended fund manager Deka for around £113m reflecting a net initial yield of around 5.5%.
The 126,650 sq ft building was designed by Foster & Partners and is mostly let to media group Bloomberg until June 2020. The passing rent is £6.5m a year which equates to £53.50.sq ft on the main office accommodation.
Matthias Danne, director at DekaBank, said: ‘We are again seeing attractive investment opportunities in first class properties in the most transparent and liquid property market in Europe.’
The Deka Bank Group is the largest provider of open ended property funds in Germany and has assets of around €17bn (£13.5bn) under management.