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City of London office property to hit the market with £710M price tag

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City of London office property to hit the market with £710M price tag

The joint venture ownership of the Ropemaker Place property in the City of London is gearing up to place the asset on the market with a roughly £710 million price tag, CoStar U.K. reported.

AXA IM - Real Assets, China's Gingko Tree Investment and South Korea's Hanwha Group, the equal partners in the venture, have enlisted JLL and Eastdil Secured to bring the 25 Ropemaker Street, EC2 office property to the market in January 2018, according to the Dec. 7 report.

The price tag represents a net initial yield of 4.25% for the 600,000-square-foot freehold asset, which is 96% leased with an average lease length of 10 years. Key tenants include Macquarie Bank, IHS Markit, Mitsubishi UFJ Securities International and The Bank of Tokyo-Mitsubishi UFJ, the report noted.

British Land Co. Plc sold the property in March 2013 for £472 million, at a net initial yield of 5.0%.