Orchard Street offload City offices

60 Cannon Street sold for £30.9m to pension fund

Article posted: 17 Aug 2011

Orchard Street Investment Management LLP has exchanged contracts for the sale of office space in the City of London at 60 Cannon Street, EC4, on behalf of the Orchard Street UK Special Situations Fund for £30.9m, 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 £160m 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.

Back in May Orchard Street, on behalf of clients, sold office space in Marble Arch to Almacantar. Marble Arch Tower was acquired for £80m.

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Posted by Janet