Plantation Place prepped for £700m sale

Trustees of the late Brazilian billionaire Moise Safra are readying the trophy City building Plantation Place, EC3, for a £700m sale.Originally developed by British Land in 2004, the office building in Fenchurch Street was bought by Safra in 2012 for around £470m – a circa 5.5% net initial yield.Safra died in 2014 at the age of 79. The 550,000 sq ft building is now managed by Delancey on behalf of Safra’s trustees.

CBRE and Knight Frank have been instructed to sell the building for around £700m – a circa 4% net initial yield.Tenants in the building include management consultants Accenture and law firm BLM.A spokesman for Delancey said: “We can confirm that there are a limited number of ongoing discussions regarding the potential sale of Plantation Place. We are unable to comment further at this time.”Q1 2017 was the most active first quarter of the year ever for London property investment, according to CBRE. A total of £4.9bn was transacted over the course of the quarter − the highest quarterly total since Q4 2014.Overseas investors once again dominated the market, accounting for 80% of all transactions by volume in Q1 2017; up from 74% in the previous quarter.