Warner Estate Holdings today announced the purchase from a private Canadian investor for £96.5m
The quoted co-investing property fund manager has bought 55 Old Broad Street, EC2, and Central House in Camperdown Street, E1, from Jesta Capital. The two buildings provide annual rental income of £5.13m, which gives an net initial yield of 5.2%.
Jesta only bought the buildings a year ago for a combined £74.5m.
55 Old Broad Street is a multi-let office building totalling 98,477sq ft (9,150 sq m) with retail on the ground floor. Central House comprises 57,225 sq ft (5,320 sq m) of office space, which is let to Maersk Line UK, one of the world's largest ship owners.
Warner’s property director Mike Stevens said: ‘Our purchase of 24-26 Minories, EC3, earlier this year marked our re-entry into the central London office market. These two purchases reflect our stated intention to increase our investment in this sector and to use our skills to enhance returns through active asset management. ‘We continue to look for more similar stock in central London’.