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Report: Workspace to add Salisbury House to its London portfolio for £158M

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Report: Workspace to add Salisbury House to its London portfolio for £158M

Workspace Group Plc agreed to the £158 million purchase of the long leasehold interest in the Salisbury House asset from Lone Star, CoStar U.K. reported.

The company outbid competing buyers AEW, QSuper and a Middle Eastern investor for the 244,478-square-foot building that was put up on sale by JLL in March for £155 million. The asking price represented a net initial yield of just over 6%, the report noted.

The nine-story property, which houses Druces, AMX Communications, The Light Practice, Pitman Training and The CityUK, has a retail component on the ground floor and eight floors for offices. It pulls in an average rent of £63.25 per square foot.

The Salisbury House at 28-31 Finsbury Circus was part of the £1 billion Project Laser, a portfolio of secondary mixed-used U.K. assets that the seller snapped up in 2015 from Moorfield, according to the June 7 report.

Workspace confirmed in a release that it is in discussion to acquire the asset, but a transaction is not guaranteed to occur.