LondonMetric Property sells City office block to Fubon Life Insurance
Updated : 08:37
LondonMetric Property has agreed to sell an office development in the City of London to Fubon Life Insurance Company for £138.8m.
LondonMetric will receive a non-refundable deposit of £6.94m for the property at One Carter Lane, with completion of the sale expected in January 2015.
The 129,081 sq ft office property opposite St Paul's Cathedral is held on a long leasehold.
It is about 73% let by floor area to MFS and SEB. The contracted net rental income is currently £4.54m pa rising to £6.29m upon letting of the remaining space.
The property, acquired in 2011 for £75m, has recently undergone a £15m refurbishment by LondonMetric.
"Carter Lane is a prime office development which has benefited strongly from market and asset management driven valuation growth, and we believe now is the right time to capitalise on this. A sale will release cash for reinvestment into our strong pipeline of opportunities in our core areas of retail and retail distribution,” said London Metric's chief executive Andrew Jones.