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LONDON-AIM-listed property investor Halladale has sold Walpole House, a 30,800-sf office investment in Ealing, West London for £7.125 million ($11 million). It only acquired the property in February 2001 as part of a multi-property portfolio bought in conjunction with LaSalle Investment Management.

The office building is let to Thames Valley University for seven years at a rent of £20 ($31) per sf. The price paid by the purchaser, a client of Credit Suisse Property Investment Management, represents a net initial yield of 8.3%.

Halladale Property Director Ken Lindsay said: “This is a prime example of Halladale’s strategy of delivering value through active asset management, turning this office building into an institutional grade investment. The sale completes the asset management strategy for this property and follows successful lease renewal negotiations with the tenant. We look forward to working alongside LaSalle Investment Management on the remaining properties in this innovative project.”

The purchaser was represented by Makins Moore while Singer Veille acted for Halladale and LaSalle Investment Management.

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