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LONDON-Haslemere Estates, the UK arm of the Dutch-based investor Rodamco, has bought the Kingsway Estate on the Aldwych in Midtown for £62.25 million ($90 million). The purchase price reflects an initial yield of 7.5%.

The estate is made up of four office buildings totalling 163,000 sf. The properties are multi-let, although management consultancy Accenture occupies 66,000 sf in two of the buildings. Accenture recently announced plans to relocate to a new 375,000-sf headquarters at British land’s Plantation Place in the City in 2004.

Haslemere’s Chief Executive, Chris Bartram, said: ‘This is an excellent acquisition for us and one which provides a natural extension to our Central London portfolio following the completion of our existing development programme in the West End. We believe these buildings offer us a number of options for improving the rental yield through refurbishment or redevelopment in the future.’

Saxon Law represented Haslemere and DTZ Debenham Tie Leung acted for the vendors.

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