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LONDON- Credo, the South African financial services group has bought the long leasehold interest in Millennium Bridge House in the City of London from a private German client of Healey & Baker for £94.1 million ($138 million). The price reflects an initial yield of 7.07%. The vendor is repatriating its capital to Germany to reinvest in shopping centres.

Millennium Bridge House provides 199, 843 sf of offices on basement, ground and five upper floors. The building – formerly the headquarters of Swiss Bank Corporation Investment Banking, is currently let until September 2013 to Old Mutual, the South African insurance group, at a passing rent of £8.8 million ($12.94 million) per annum.

The building is situated on the north bank of the Thames, with a view across the new Millennium Bridge to Tate Modern . The immediate area is seeing extensive changes including the redevelopment of the Salvation Army’s headquarters building at 101 Queen Victoria Street and the Times Square office development also in Queen Victoria Street, both of which will be completed in 2003.

King Sturge acted for Credo.

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