Canada Life Investments has sold the Superunion building in Farringdon, London, for £29.6 million (€32.5 million/$37.8 million).
The sale of the virtual freehold took place on behalf of the LF Canlife UK Property ACS, and was sold to Hampshire County Council, acting as trustees of the Hampshire Pension Fund. The 32,025-square-foot class A office space forms part of the Brewhouse Yard complex and is leased to Superunion Ltd. with a guarantee from WPP Group UK Ltd. on a lease expiring October 2028.
The tenant is currently paying an annual rent of £994,691 (€1.09 million/$1.27 million) per year (£28.40/€31.20/$36.30 per square foot overall), which is subject to a five-year rent review to RPI with a cap of 4 percent and a collar of 1 percent per year. The next review coincides with a tenant break option in October 2023.
Michael White, head of U.K. property at Canada Life Investments, said, “We have seen office rental values increase to upwards of £65 per
