Standard Life has sold the Xerox HQ in Welwyn Garden City to Greenhills for £42.9m.

The 180,620 sq ft Xerox European Technical Centre, which is based on Bessemer Road, is let to Xerox at a rent of £2.7m a year on a lease with 7.5 years remaining. The deal reflected a 6.05% net initial yield.

Jason Winfield, national investment director at DTZ, said: ‘This sale shows that there are still deals to be done in the national investment market, despite concerns about a slowdown. With a competitive yield and good sale price achieved, there is clearly still demand for quality, well-located product with good tenants.’

DTZ advised Standard Life. Strutt and Parker advised Greenhills.

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