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London & Stamford Property PLC has announced that it has purchased two prime office properties in London.
The REIT has bought One Carter Land and Two Old Change Court for the price of GBP 75 million.
Together the purchases consist of 125,844 square feet of office space, most of it occupied by the US investment giant Goldman Sachs.
The investment bank’s lease runs out in 2018 though they have the option to break it in 2013.
A statement from the company said: “The transaction reflects a net initial yield of 7.33 percent and, initially, will be financed out of existing cash resources. Leverage may be sought following completion to enhance the cash yield further.”
Martin McGann, the London & Stamford Finance Director told Dow Jones that should this happen the office space would be completely refurbished and rented out again.
Currently demand for Grade A office space in London is rising as the economy recovers and the financial services sector starts expanding once more.
London & Stamford Chairman Raymond Mould said: “Central London continues to show signs of economic growth and we are delighted to have acquired this prime property…at a time when there is forecast to be a shortage of good quality buildings during a period of strong rental growth in the City.”
Recent research has forecast that office space in the capital will increase in price and scarcity over the coming years.
A BNP Paribas report predicted that over the next two years banks will require an extra 1.6 million square feet of office space.
London and Stamford is the parent undertaking of London & Stamford Property Limited which was listed on the AIM market of the London Stock Exchange on 7th November 2007.