New Chinese entrant buys 70 Gracechurch Street, London

15 August 2017

Savills, acting on behalf of Hong Kong based Tenacity Group, has acquired 70 Gracechurch Street, London EC3 from Legal & General Investment Management for a sum of £271.4 million, reflecting a net initial yield of 4.4%. The deal is the investor’s first property acquisition in the UK.

The 214,000 sq ft (19,880 sq m) asset is let to Marks and Spencer and XL Catlin for a further 11 years.

Edward Nicholson, director in the central London investment team at Savills comments; “Following a competitive bids process we are delighted to secure this prime City asset for our client. The property provides a long and accretive income stream from two strong covenants and is situated at the junction of two of the City’s key thoroughfares. This acquisition further demonstrates the City’s enduring appeal to international investors, particularly those seeking institutional quality assets with long, inflation hedged income.”

Legal & General Investment Management was advised by Knight Frank

 
 

General Enquiries

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Key Contacts

Edward Nicholson

Edward Nicholson

Director
Central London Investment

Savills Margaret Street

+44 (0) 20 7409 8004

 

Kirsty Moseley

Kirsty Moseley

Associate Director
Commercial Marketing & Press

Savills Margaret Street

+44 (0) 207 409 8887