Thursday 28 Mar 2024
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KUALA LUMPUR (Apr 14): The Employees Provident Fund (EPF) has disposed of its One Sheldon Square at Paddington Central, London to British Land Co PLC for £210 million.

The EPF had acquired the property in 2010. One Sheldon Square comprises nearly 200,000 sq ft of freehold office space arranged over nine floors. It is fully let to Visa Europe Services until December 2022, with a rent review in December 2017.

"Total annual contracted rent is £9.5 million, reflecting an average rent of £48.70 per sq ft which is reversionary," said British Land in a statement today.

In a separate statement, the EPF said British Land won the bid through an open tender process.

"The EPF continues to diversify its investments across markets, sectors and asset classes to provide optimal and long-term sustainable returns," it added.

To date, the EPF owns significant real estate investments in the UK, Germany, France, Australia and Japan.

Meanwhile, British Land said the acquisition is in line with its strategy of expanding in London and the South East including in and around its existing assets.

"Acquiring One Sheldon Square, which is prominently located at the entrance to Paddington Central, allows us to develop a wider vision for the campus as an attractive mixed use destination," it added.
 

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