Great Portland Estates and Aberdeen Asset Management have sold a huge office scheme at 95 Wigmore Street in London’s West End for £222.4m.
The Wigmore Partnership, the companies’ joint venture, said yesterday that UBS Global Asset Management’s real estate business has bought 95 Wigmore Street near Bond Street station.
The 98,800 square feet office block was completed in September 2013 and is fully let to companies including asset managers Pyrford International, law firm Lane Clark & Peacock and Bridgepoint Advisers.
Great Portland’ chief executive, Toby Courtauld, said the sale would allow it to reinvest cash into its other major projects. It is currently on site at five major schemes totalling 600,000sq ft, including Rathbone Square, the former Royal Mail site at the east end of Oxford Street and its largest scheme to date.
“The sale continues our strategy of recycling capital out of assets where we have created significant value and back into our portfolio of central London development and refurbishment projects, timed to coincide with a shortage of new Grade A space to let.”
Aberdeen’s Nick Ireland said: “This sale is in line with the strategy to realise profit from mature assets.”