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TH Real Estate sells 1 Norton Folgate, London

Norton Folgate

TH Real Estate, on behalf of its Central London Office Fund, has sold 1 Norton Folgate, London, to a private family owned company for £17m. The sale represents a net initial yield of 4.95%.

Totalling 17,333 sq ft (1,610.5 sq m) of office and retail space, the building was comprehensively refurbished this year. The mixed-use office and retail building is multi-let to five tenants, including the London Marathon Store with the top floor offices available to lease.

The Central London Office Fund totals £460m, and has 15 direct assets and one indirect asset under management.

GM Real Estate advised TH Real Estate, while the purchaser was advised by Savills.

 Ilna Patel, Senior Portfolio Manager, Central London Offices, added: 'Our active asset management of 1 Norton Folgate has repositioned it as a high profile building within the bustling and increasingly popular area of Spitalfields. The asset delivered a 37% return for the Central London Office Fund in 2015 and we are delighted with the outcome of the sale, and the healthy levels of returns the asset has generated.'

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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