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NPS spends £105m in Belgravia

The National Pension Service for Korea has ended six months of negotiations, and bought out Grosvenor London Office Fund’s stake in 40 Grosvenor Place, SW1, for over £105m.

NPS which already owned half of 229,000 sq ft Hobart House, is now the full owner after paying just over the £105m asking price – reflecting a 5.27% yield.

It has owned 50% of the Belgravia asset since 2009, when Rockspring bought it on behalf of the company for £85m.

Tenants include EDF Energy and Bluecrest Capital Management. Occupiers pay a total annual rent of £12.3m, equating to an average office rent of £61.53 per sq ft.

Grosvenor London Office Fund appointed H2SO to sell its share in July, and NPS has been it discussions since then to buy it.

It is expected to be the last of a handful of significant Victoria transactions in the final quarter. Recent deals include Swedish pension fund Cityhold exchanging contracts to buy The Peak for £111m.

Knight Frank and Rockspring represented NPS.

Joanna.Bourke@estatesgazette.com

 

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