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Hermes Real Estate JV seeks £175M for London asset

A 50/50 office joint venture between Hermes Real Estate Investment Management and Canada Pension Plan Investment Board placed Aldgate House in the City of London on the market for roughly £175 million, CoStar U.K. reported.

Corbett Northam and JLL have been enlisted to market the building for an approximately 5.25% net initial yield and a £810-per-square-foot capital value.

The recently renovated property comprises over 214,000 square feet of office and retail space, with tenants including ISG, LCH, Taboola Europe and Transperfect Translations, the news outlet noted.