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TH Real Estate sells The Peak, London SW1 for £145m

The Peak, London

TH Real Estate, on behalf of the Cityhold Office Partnership, has sold the freehold of The Peak in Victoria, London for £145m, representing a net initial yield of 4.27%. The prime office was acquired by a private Middle Eastern investor in an off-market transaction.

The landmark building, comprising c.100,000 sq ft (9,290 sq m) of Grade-A office and retail accommodation, occupies a highly prominent position opposite Victoria train station. Originally developed to an award-winning design in 2009, the building is multi-let to tenants including, Bank of Scotland, PetroChina and Guggenheim Capital.

Peter Neal, Manager of the Cityhold Office Partnership’s UK portfolio at TH Real Estate comments: "We are delighted with the outcome of the sale, with the asset delivering very attractive returns for the Partnership. A sale crystallises these gains and provides additional capital to allocate to the Partnership’s 2017 London investment programme."

James Rood & Ed Bradley of CBRE add: "The Peak perfectly fits our client’s strategy of building a portfolio of best-in-class office buildings in prominent Central London locations. As long-term holders, the ongoing transformation of Victoria and infrastructure improvements to the station itself, will serve to enhance the future performance of the property for our client."

CBRE and Taylor Wessing acted for the purchaser. JLL and Eversheds acted for TH Real Estate.

 

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. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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