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Bank of China buys Standard Life fund property in City of London for £71M

Standard Life Pooled Property Pension Fund closed its nearly £70.8 million divestment of 60 Gresham St. in the City of London to Bank of China, CoStar U.K. reported.

The sale, which made news in June 2017, involves Standard Life Investments' leasehold interest in the 60,916-square-foot building. The buyer will occupy a portion of the building, which counts 4Most Europe, Trium Capital, i2 Office and Anthologist as other tenants.

Fund Manager David Stewart was quoted in the March 22 report as saying that the sale is part of the fund's asset disposal strategy, with the proceeds from the sale to be used for the redevelopment of the Farmiloe Building in Farringdon, London.