UBS Buys London Office From Great Portland, Aberdeen For GBP222.4 Million
April 27 2015 - 3:06AM
Dow Jones News
LONDON--The real-estate investment arm of UBS AG (UBSN.EB) has
bought 95 Wigmore Street, a 98,800 square-foot office in central
London that was finished in 2013, from Great Portland Estates PLC
(GPOR.LN) and Aberdeen Asset Management PLC (ADN.LN) for GBP222.4
million ($337.6 million).
The deal with UBS Global Asset Management's real estate business
reflects a net initial yield of 3.4% and a value of GBP2,209 per
square foot, GPE said Monday.
"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,"
said the London developer's Chief Executive Toby Courtauld.
Write to Ed Ballard at ed.ballard@wsj.com
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