CWI Buys in London, Sells in Paris
Cushman & Wakefield Investors (CWI) has acquired a 2,100-square-metre office property in the City of London on behalf of the West Sussex Pension Fund. New Chapter House, located at 166–170 Bishopsgate, was acquired for £17 million (€20.4 million). Tenants include Pritchard Englefield, Manpower UK Ltd and Coral Estates Ltd.
“The central London office and retail markets have strong fundamentals,” says Peter Balfour, head of UK Investment Management at CWI, “and we anticipate [that they] will provide above-average returns in comparison to the wider property market. This asset provides an attractive net initial yield of 5.7 percent, rising when an outstanding rent review is settled.”
In other news, CWI has sold a Paris office building on behalf of a Danish pension fund. Foncière Massena acquired the 2,161-square-metre 7 rue Saint Georges for €22 million.