Ferrari gears up for £230m City splash

Ashbuy has agreed terms of the deal at over the asking price of £220m, reflecting a yield of less than 6%, following a marketing process which is thought to have attracted more than ten bids.

Hines was selected as one of the final three parties to submit an offer for the 434,005 sq ft office property.

CBRE and Savills were appointed to sell the long leasehold interest in 200 Aldersgate earlier this year.

Ashby is retained by a Saudia investor which is looking to plough up to £1.5bn into London real estate opportunities during the next five years. The building is held Long leasehold from The City Corporation until 24th December 2141 which will be geared to 10.63% of the rents receivable, subject to a minimum rent. The current ground rent is £1.5m per annum.

The asset is 95% let to 24 different tenants, with a weighted average lease expiry of circa 11.5 years and 9.1 years to the break options.

200 Aldersgate has been comprehensively refurbished, with the most recent work completed in early 2011 by Helical Bar.


Source: James Buckley, CoStar News