Disposal of 60 Cannon Street EC4
17 August 2011
Orchard Street Investment Management LLP has exchanged contracts for the sale of 60 Cannon Street, London EC4, on behalf of the Orchard Street UK Special Situations Fund for £30.9 million, reflecting a yield of 5.67% to pension fund clients of DTZ Investment Management.
Located in a prominent and improving position in the City, 60 Cannon Street sits opposite the new site for Bloomberg’s headquarters, and is well positioned for access to all major City facilities. The five upper floors of modern, air conditioned office space are let to MWB Business Exchange Centres Ltd until March 2021, while the ground floor retail units are occupied on long leases by Pret a Manger, Eat and Thomas Pink.
Barney Rowe, Partner and Fund Manager of the Special Situations Fund at Orchard Street said
“This is the first disposal from the Orchard Street UK Special Situations Fund, which comprises a total of £160 million of assets. At the present time we do not envisage disposing of other assets from the Fund.”
BNP Paribas acted for Orchard Street Investment Management. DTZ acted for the purchaser
END
For more information:
Dido Laurimore/ Talia Shirion
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com
Notes to Editors:
Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market with £4.2 billion of AUM (as at 30 June 2022). It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial warehouses, retail warehouses, and offices.