ICI's London Headquarters sold for £60.8 Million

Estates Gazette reports that Standard Life Investments has confirmed its acquisition of 20 Manchester Square, London, W1 for £60.8m from Close Brothers Investment on behalf of its Long Lease Fund. The deal is for the long leasehold interest from the Portman Estate until 29 July 2134 and represents a net initial yield of 4.42%.

The 70,074 sq ft office building, formerly EMI's headquarters, was developed by Delancey and completed in 2001. It is let in its entirety to ICI on a 20-year lease from 2001, at an annual rent of £3.5 million. ICI occupies the building as its global headquarters. Sphere: Related Content