London's Shell-Mex House has been sold to American private equity firm Westbrook for £490m. The Times
Shell-Mex was originally put on the market for £520m and was under offer last year for £540m. The Tchenguiz brothers bought the property in 2003 through their Rotch property company with the Reubens and Mr Dellal for £327.5m, in what was believed to be a highly geared transaction.
The purchase price represents an initial yield of 5.15%, but after rent reviews, Westbrook could achieve a yield of 5.75%.