Almacantar has exchanged contracts with BlackRock UK Property Fund to acquire 125 Shaftesbury Avenue.
The 190,000 sq ft building is Almacantar’s fourth major purchase in the West End and is located minutes from the new Crossrail station at Tottenham Court Road.
Almacantar are thought to have paid £110m for the building.
The property has been acquired on a freehold basis and is multi-let to a variety of tenants including Gucci, Yahoo Europe and Lloyds TSB Bank on leases generating an annual rent roll of £6.4 million, predominantly expiring in 2014/6.
Hugh Sayer, investment director at Almacantar, said: “125 Shaftesbury Avenue is an excellent addition to our portfolio in a part of the West End that is transforming rapidly. The building gives us short term income whilst offering exciting longer term development options that can capitalise on the area’s improvement.”
CBRE represented BlackRock UK Property Fund on the disposal.