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Report: Standard Life fund plans sale of London office building for £72M

A fund owned by Standard Life Investments is selling its 60 Gresham Street office development in London for £72 million, CoStar News (U.K.) reported.

Standard Life Investments Pooled Pension Property Fund instructed Strutt & Parker to sell the building for a net initial yield of 4%, according to the June 7 report.

The company reportedly bought the site for a sum of £47.25 million, which at the time reflected a yield of 5.56%, or £796.63 per square foot, after which a 10-floor property was built on the plot in 2008. The building is multilet to tenants including i2 Office, IFM, Sheffield Haworth, Trium Investment Management and The Anthologist.