LaSalle Investment Management has completed the purchase of a building on Stockley Park.
The firm has acquired 3 Furzeground Way for approximately £21.8 million from Invista, reflecting a net initial yield of 8.82%.
The refurbished 77,827 square-foot Grade A office building has a number of tenants, including IBM UK, Toshiba, Toshiba International Finance, Otsuka Pharmaceuticals, Havi Global Solutions Europe, Nobel Biocare and The Canadian High Commission.
Nneka Ejindu, Asset Manager at LaSalle said: “The building is well placed to benefit from strengthening occupational market and provides a good opportunity to generate value for our institutional investors.”
Jack Stacy at Invista said: “The disposal follows successful completion of asset management initiatives which led to good investor demand and an attractive sale price.”
LaSalle was advised by Jones Lang LaSalle. Invista was advised by CBRE.