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Israeli pension fund selling City of London building for over £120M

Israeli pension fund Harel Insurance & Financial is under contract to sell the Ibex House office building in the City of London to Dukelease Properties for more than £120 million, Property Week reported.

The nine-story, 191,144-square-foot property, which was built in the 1930s, has roughly 20,000 square feet of vacant office space.

The pension fund paid £64 million for the building in 2011 at a net initial yield of 8%. It enlisted Allsop to sell the property for £120 million, reflecting a yield of 5.02%.

According to the Dec. 12 report, Dukelease is poised to pay more than the asking price and intends to carry out gradual refurbishment works at the property.

The property is let to 28 tenants and generates a total annual rental income of £6.4 million, PW added. It features retail space, restaurants and a gym on the ground and basement levels.