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Commercial Property News
Standard Life Investments acquires London commercial property
Standard Life Investments has added commercial property in London's West end to the portfolio of its UK Property Fund.
It has purchased 33 Charlotte Street from Capital & City for £19.1 million.
The building, which consists of five floors of office space, three restaurant units and residential space, is let out to six different tenants, with the average unexpired lease term being 7.5 years.
The deal is the second purchase Standard Life Investments has made on behalf of the UK Property Fund this month and manager Nigel Chapman said it gives the fund "a prime, well specified West End building".
"We anticipate strong rental and capital growth in this sector," he noted, adding that the fund is currently "in active discussions" regarding the acquisition of other business property.
On March 1st, the fund announced the purchase of a logistics warehouse at Wingates Industrial Estate in Bolton for £14.06 million.
The site is let to Tesco for another six years.
It has purchased 33 Charlotte Street from Capital & City for £19.1 million.
The building, which consists of five floors of office space, three restaurant units and residential space, is let out to six different tenants, with the average unexpired lease term being 7.5 years.
The deal is the second purchase Standard Life Investments has made on behalf of the UK Property Fund this month and manager Nigel Chapman said it gives the fund "a prime, well specified West End building".
"We anticipate strong rental and capital growth in this sector," he noted, adding that the fund is currently "in active discussions" regarding the acquisition of other business property.
On March 1st, the fund announced the purchase of a logistics warehouse at Wingates Industrial Estate in Bolton for £14.06 million.
The site is let to Tesco for another six years.
Wed, 17th Mar 2010