Acquisition of 21 Lombard Street
Ivanhoé Cambridge in partnership with Greycoat has completed its purchase of 21 Lombard Street, EC3, in the heart of the City of London.
The freehold property comprises 115,955 sq ft of office space single let to UBS for just under 12 years at a rent of £6.5m pa, equivalent to £56.05 per sq ft overall.
The property had been under offer on multiple occasions over the past 12 months to buyers. This presented an opportunity for Ivanhoé Cambridge and Greycoat to agree terms and secure the asset at £125m, close to a 5.0% yield.