Japanese giant Mitsubishi Estate Company today confirmed its purchase of an office building in Finsbury Square in the City of London
It has exchanged contracts to buy River Plate House at 7-11 Finsbury Circus from Meiji Yasuda. The purchase price was not disclosed but is understood to be around £110m, which reflects a yield of 5.5%.
River Plate House is a freehold 205,000 sq ft gross building arranged over 9 floors. The building is let to Mizuho Corporate Bank, a subsidiary of Mizuho Financial Group, the second largest financial group in Japan, on a lease which has six and a half years remaining. Mitsubishi said it might redevelop the building at the expiry of the lease.
River Plate House joins Mitsubishi’s growing City portfolio, which includes the two buildings at Paternoster Square, occupied by Goldman Sachs and the London Stock Exchange, and Bow Bells House, which will be ready for handover in November of this year.
Cushman Wakefield acted for MEC and CB Richard Ellis acted for Meiji Yasuda.