New Star Asset Management has sold its largest London office building in its UK property fund to Evans Randall for £127.5m at an initial yield of around 5.5%.
The profile fund manager has sold 60 Gracechurch Street to the west-end based investment bank following a strategic review of its UK Property Unit Trust which reviewed its large lot sizes in London and sought to reduce single asset exposure in the portfolio.
New Star Asset Management bought the building, which is Commerzbank’s HQ, in November 2006 for around £147m which reflected a yield of 4.75%.
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