McKay Securities has sold 30 Lombard Street in the City of London to German institutional fund REInvest for £76.5m.
This reflects a net initial yield of 4.16% and a capital value of £1,308 per square feet.
McKay acquired the long leasehold interest of 30 Lombard Street in 1999 with a multi-let 1960’s office building.
Redevelopment was completed in early 2019, securing a 62% increase in lettable area to 58,500 square feet.
Knight Frank acted for McKay and BNP Paribas acted for REInvest.
This post has originally been featured in Property Wire.