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SEB swoops on £112m Condor House

 


Evans Randall is continuing a sell-off of its London properties, offloading a City office this week for more than £100m.


 


The private bank has agreed to sell the 110,000 sq ft Condor House at 5-14 St Paul’s Churchyard, EC4, to European investment firm SEB.


 


SEB will pay £112m for the block, reflecting a 5.5% yield.


 


Evans Randall instructed CB Richard Ellis to sell the building for £100m – a 5.75% yield – last month.


 


The offer price has surprised some agents in the market, who had believed that the £100m price tag was too ambitious.


 


Evans Randall bought Condor House from LaSalle Investment Management in 2007 for £115m. It was used to seed its £1bn opportunity fund.


 


The property is the latest of a series of buildings that Evans Randall has been offloading. Last month, it put its only West End building, 10 Burlington Street, W1, on the market for more than £48m, reflecting a 5.5% yield.


 


If the sale of Condor House is completed, it will be the second prime purchase for SEB in the City this year. In early January, it bought 1 Threadneedle Street, EC2, from the Wellcome Trust for £33m – a 7% yield.


 


james.buckley@estatesgazette.com

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