Greycoat continues acquisition spree with Strand buy

Greycoat has completed a second acquisition from Legal & General. The firm has bought 55 Strand, WC2, from L&G for around £24m – an 8% yield. The deal follows its acquisition in May of 120 Aldersgate Street, EC1, from the fund manager. Greycoat paid around £23m – a yield of more than 10% – for the 45,000 sq ft 120 Aldersgate Street. At 55 Strand, which L&G bought from Aviva for £37.4m in 2014, Greycoat plans to improve both the wellbeing and energy performance credentials of the building. The 30,000 sq ft building currently has an EPC C rating. Greycoat said: “We look forward to securing the long-term future of the building through high-quality asset management and tenant engagement alongside securing the long-term future of the asset through improvements to its energy performance and wellness credentials.” Greycoat has been on an acquisition trail of late, also snapping up 140 Leadenhall Street, EC3, from Aviva for around £20m – a 6.4% yield. Fineman Ross advised Greycoat on the Strand buy; Chapman Petrie acted for L&G.