Stenprop Ltd. sold its entire half stake in the 25 Argyll St. office property in London for roughly £22.8 million in cash, bringing the property's total value to £83.4 million.
Darlaya Ltd. and Yennelle Ltd. — each owning 25% of the issued share capital of the asset's holding company, Stenprop Argyll Ltd. — bought the 50% shares held by Stenprop unit Stenprop (UK) Ltd.
The office building at 252-260 Regent St. and 19-27 Argyll St. offers 63,091 square feet of gross leasable area and generates a weighted average rent of £65.15 per square foot.
The divestment builds on Stenprop's plan to sell assets that do not fall in the category of multi-let industrial properties and is also in line with its conversion into a specialized U.K. multi-let industrial real estate investment trust.
