LGIM Real Assets has confirmed the sale of the prime London office scheme Procession House to a JV between Goldman Sachs and Greycoat for a price believed to be in the region of £70m.
In June, Property Week revealed that the JV were under offer to buy the 105,944 sq ft office and retail site, which occupies a prominent island at Ludgate Circus within the City of London.
On behalf of its Managed Property Fund, L&G put the office on the market in February via Savills with a £67.5m guide price, reflecting a net initial yield of 6.15%.
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