PRUPIM sells Equitable House, London EC4 for £31 million
12 April 2008
The German fund RREEF has purchased the prime City of London freehold building
PRUPIM, advised by King Sturge LLP, has completed the sale of Equitable House, London EC4 in an off market transaction to RREEF Spezial Invest GmbH for £31million.
Equitable House is a prime City of London freehold building located at the junction of King William Street and Monument Street. The property was completed in 1999 and comprises circa 37,357 ft² (3,470.6 m²) of Grade A offices and 9,168 ft² (851.8 m²) of retail accommodation. The principal letting is to US energy giant Entergy Enterprises Inc until December 2014. The retail units are let to Borders and Fuller Smith until 2014 and 2019 respectively. The total passing rent is £2,078,509 pa reflecting £46.00 per ft² on the office accommodation. The next rent review on the office space is scheduled for December 2009.
The agreed price was £31 million reflecting a net initial yield of 6.35% and a capital value of £665 per ft².
