Hermes Investment Management, the £24.1 billon manager focussed on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, has completed over £100 million of sales, which were exchanged before the EU Referendum on 23 June.
As part of its JV with Canada Pension Plan Investment Board (CPPIB), Hermes Investment Management has completed the sale of the freehold interest in Cheapside House, 138 Cheapside, EC2 with Nan Fung, a leading Hong Kong property investor and developer, for £83.5 million.
The fully-let building provides 69,593 of office and 10,733 sq ft of retail and ancillary accommodation and is located in the City of London, with direct views to St Paul’s Cathedral. The deal represents a blended net initial yield of 5.20% and a capital value of £1,028 per sq ft.
It has also completed the sale of an industrial estate in the West Midlands for £12.625 million to an undisclosed purchaser and a retail property in Kent for £4 million.
Chris Taylor, Head of Private Markets at Hermes Investment Management, said: “The sale of these three assets is an excellent result as they will allow us to diversify our portfolio and invest in new acquisitions where we believe additional value can be added.”
