Prupim announced today that property entrepreneur Christos Lazari has bought its Century portfolio in London’s West End
As tipped by Property Week (news; 24.11.06, Lazari Investments paid £112m for the 138,000 sq ft (12,821 sq m) portfolio, which comprises a mixed use, medium-term development site in Oxford Street.The leases on the office and retail space, which produce £5m a year in rent, expire in 2013. The sale reflected an equivalent yield of 4.5% and attracted more than 10 bidders.
John Wythe, Prupim’s head of life funds said: ‘This transaction follows hard on the heels of several other major transactions which have seen us reshape our client fund’s West End retail exposure. ‘After two major recent deals involving additional investment west of Oxford Circus, we are delighted to have sold out of these properties at a price we are very satisfied with.’CB Richard Ellis acted for Prupim; Lazari was unrepresented.