U.K.-based asset manager Mayfair Capital Investment Mgmt Ltd. completed its largest deal to-date with the acquisition of a central London office building from Legal & General Group PLC's Legal & General Real Assets unit for £112.5 million, reflecting a net initial yield of 5.12%, propertyfundsworld reported.
Situated in Shoreditch, the Bonhill Building offers 113,000 square feet of office space and is multi-let to seven tenants, with a weighted average unexpired lease term of around 7.5 years, the report said.
Legal & General bought the building via its UK Property Fund in 2014 for £62.6 million. The fund seeks investment in undervalued sectors and focuses on operational real estate such as hotels, build-to-rent and self-storage properties, according to the report, which cited Matt Jarvis, senior fund manager of the Legal & General fund.
The deal was announced in June. Colliers advised Legal & General, while Mayfair Capital was advised by Knight Frank.
