SEPUT Buys Tech Offices in London
Schroder Exempt Property Unit Trust (SEPUT), a unit trust that invests in UK property for UK tax-exempt investors, has acquired a property in London’s new technology centre, an area that is being called Silicon Roundabout. The St Matthews and St Marks House comprises 8,000 square metres of office space and was acquired for £18.5 million (€21.8 million). The largest tenant is Sungard Availability Services.
“The transaction is almost a pound for pound switch from old City to new. SEPUT sold a site in Mark Lane EC3, in the centre of the insurance district, at the end of last year for a similar capital value,” says James Lass, head of business space investment at Schroders. “The difference is we now hold an asset at the same capital value pound per square foot to the Mark Lane site value but with building