Grosvenor’s London Office Fund has put up for sale a 50% stake in London’s 40 Grosvenor Place for £105m.
The price for the stake in the 229,900 sq ft Hobart House office building reflects a 5.27% net initial yield.
Grosvenor has hired H2SO to sell the 150-year leasehold interest in the Victoria block, which began 24 June 1997, when it was developed jointly by Grosvenor and Mountcity.
The building is arranged over six floors a central atrium. The remaining 50% is owned by NPS (Grosvenor) Limited, a wholly owned company of The National Pension Fund of Korea.
Grosvenor’s London Office Fund was established in 1999, and as at December 2011 had four assets with a gross value of £419m. Tenants include EDF and Bluecrest.
All parties declined to comment.