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Grosvenor Europe wraps up £152M asset sale with Hong Kong buyer

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Grosvenor Europe wraps up £152M asset sale with Hong Kong buyer

Grosvenor Europe, representing Grosvenor London Office Fund, concluded the sale of the fund's 133-year leasehold stake in London's 10 Grosvenor St. to an undisclosed Hong Kong buyer for £152 million, Property Week reported.

Prior to the sale, the fund held a full stake in the 65,000-square-foot property, after adding to its initial 50% interest with a 50% stake top-up purchased for £54 million from Hammerson Plc in 2014.

The seller was advised by Knight Frank in the transaction, while the Hong Kong investor tapped Michael Elliott as its adviser, according to the Oct. 11 report.

The office asset is leased on average rents of £100 per square foot to three tenants, including Associated British Foods.