First-time Middle Eastern developer buys City building for £39m

Austin Friars

Soor Capital, a private Middle Eastern investor, has bought 23-26 Austin Friars in London for £39.05m. The deal is Soor Capital’s first investment in the UK and represents a net initial yield of 5.05%, equating to £700 per sq ft.

The seven-storey building totals approximately 55,850 sq ft and is let in its entirety to Avanta Serviced Office Group, part of IWG, for a further 14 years.

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