Oxygen Asset Management paid almost £400 million for the off-market purchase of hedge fund manager Man Group's headquarters building in London, in a deal reflecting a yield of 3.9%, Property Week reported.
The 320,000-square-foot Riverbank House at 2 Swan Lane was bought from Evans Randall Investors on behalf of an unnamed South African client.
The transaction also includes the arrangement of a new debt facility to Oxygen by the building's existing lender, HSH Nordbank. Evans Randall made a £300 million, forward-funded deal for the building in 2006 before transferring the facility to Nordbank, the publication reported Feb. 1.
The office property was pre-leased for a 25-year term to Man Group in 2010 and has since been sublet to Royal Bank of Canada and the Field Fisher law firm, the report added.
