Orchard Street Investment Management sells 60 Cannon St, London
Property Funds World has reported that Orchard Street Investment Management LLP has exchanged contracts for the sale of 60 Cannon Street, London EC4, on behalf of the Orchard Street UK Special Situations Fund for GBP30.9 million, reflecting a yield of 5.67%, to pension fund clients of DTZ Investment Management.
Located in a prominent and improving position in the City, 60 Cannon Street sits opposite the new site for Bloomberg’s headquarters, and is well positioned for access to all major City facilities. The five upper floors of modern, air conditioned office space are let to MWB Business Exchange Centres Ltd until March 2021, while the ground floor retail units are occupied on long leases by Pret a Manger, Eat and Thomas Pink.
Barney Rowe, Partner and Fund Manager of the Special Situations Fund at Orchard Street, said:
“This is the first disposal from the Orchard Street UK Special Situations Fund, which comprises a total of GBP160 million of assets. At the present time we do not envisage disposing of other assets from the Fund.” BNP Paribas acted for Orchard Street Investment Management. DTZ acted for the purchaser.