Wed, 27 Apr 2011 | COMMERCIAL PROPERTY
The sale of the Aviva Tower in London has entered its final stages, with contracts exchanged for the transaction.
The tower, which is located at 1 Undershaft in London, formed part of Simon Halabi's Protractor portfolio, which has been sold off in stages following its administration two years ago. The tower is the last of the nine major commercial premises contained within the portfolio to be sold off, with receivers Ernst & Young agreeing the sale.
Six of the other eight major property assets have been acquired by Carlyle Group, Property Week reports. The group purchased IBM's commercial offices located on the Southbank, as well as the offices belonging to JP Morgan Chase, located at Alban Gate on London Wall and on Victoria Embankment.
When the Aviva Tower – which contains 315,254 sq ft of city office space - was first put onto the market, it had an asking price of £284 million, according to Property Week. It is leased to Aviva until 2024, in a deal which brings in £16.5 million in rental income each year.
The tower has reportedly been sold for £288.5 million, reflecting a net initial yield of 5.4 per cent, and the sale is due to complete in July this year.
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