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WELPUT seeks £205M for London office development

West End of London Property Unit Trust, or WELPUT, a London real estate fund managed by Schroders and advised by Grafton Advisors, is looking to sell the long leasehold interest in its Stirling Square office development at London's St James' for £205 million, representing a 4.25% net initial yield, CoStar U.K. reported, citing Grafton director Ker Gilchrist.

The asking price translates to a capital value of £2,100 per square foot. The building, which generates annual rental income of about £9.5 million, is leased to tenants including Citigroup, KKR and GB Gas Holdings, which trades as Centrica. BAE Systems signed a 10-year lease extension at the property in 2017.

WELPUT enlisted Colliers International and CBRE to sell the property, according to the report.

Proceeds from the sale will be invested into the company's existing portfolio and other management-intensive assets, Gilchrist told the news outlet.