UBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM), in separate transactions undertaken on behalf of clients, has disposed of two properties for a combined total of GBP77 million.
The properties are at 21 Wilson Street, EC2M, and 158-164 Bishopsgate, EC2M, in the City of London.
21 Wilson Street, which was purchased by a private investor, was acquired by REPM in 2013 as part of a sale and leaseback transaction. The single-let office building comprises a total of 38,565 sq ft of space over basement, ground and five office floors leased to Arbuthnot Latham & Co Ltd.
The Bishopsgate property, which has also been under the ownership of REPM for five years, is a 49,484 sq ft mixed-use asset arranged over basement, ground and five upper floors, including 35,022 of retail and leisure space, with the remainder consisting of offices. The property, which has been acquired by British Land Plc, was subject to an asset management plan, including a rolling lease regear programme and a refurbishment of the office space, which was completed ahead of the sale.
Howard Meaney, Head of Real Estate – UK says: “We have taken the decision to crystallise the value generated for our clients following the successful execution of our asset business plans. Both properties are well located close to Liverpool Street Station, which will be a major Elizabeth Line hub within London’s Crossrail route, and have benefitted from this prospect as well as wider investment in the surrounding area.”
BH2 advised on the sale of Wilson Street, and both BH2 and GCW advised on the sale of Bishopsgate.