City offices bought by Saudi investor

3 Bunhill Row sold for over £80m by Warburg-Henderson

Article posted: 28 Dec 2011

Henderson Global Investors, on behalf of Warburg - Henderson, has sold the freehold interest in 3 Bunhill Row, London, EC1 to Manafea Holding Co. a Saudi Arabian client of BNP Paribas Real Estate Investment Management for a price in excess of £80 million reflecting a net initial yield of below 5.5%.
 
The property, developed by Helical Bar, comprises 101,516 sq ft of office space in the City of London. The nine-floor building benefits from a rare 19 year income stream and is let to Linklaters, but will form Trowers & Hamlins new global headquarters from next year. The current income is £4,497,500 per annum, reflecting £44.30 per sq ft overall.

Warburg-Henderson acquired the offices in July 2006 for £82.6m.

 
Henderson Global Investors was advised by Jones Lang LaSalle and BNP Paribas Real Estate Investment Management was advised by BNP Paribas Real Estate.

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Posted by Sara