Aviva Tower sold for £288.2m

Offices on Undershaft last of the White Tower office portfolio

Article posted: 21 Apr 2011

Prime location office space in the City of London has sold to an unnamed buyer for £288.2m. Aviva Tower is the last property in the White Tower London office portfolio to have gone on the market.

The proceeds from the sale of the entire portfolio of nine offices in London is £1.08bn, the other eight offices were sold by CBRE in 2010.

WELPUT paid £60m for offices in Midtown at New Court, Carey Street, WC2, while Hammerson splashed out £65m on offices in the Square Mile at Leadenhall Court.

Carlyle Group snapped up the other six assets for £671m including IBM’s offices on the Southbank, JP Morgan Chases’s offices on Victoria Embankment and at Alban Gate on London Wall, United Business Media’s offices near Blackfriars Bridge, UBS’s City offices and BSI’s offices in Chiswick, W4 which have since been sold on to asset manager Canmoor and US private equity investor Harbert for £29m.

Aviva Tower comprises 315,254 sq ft of office space on Undershaft, EC3 and is home to Aviva which still has 13 years remaining on their lease, worth £16.5m per annum.

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Posted by Jo