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LONDON-Friends Ivory & Sime Property Asset Management has sold a Mayfair office investment at 13/14 Curzon Street to Strategic Real Estate Advisors for £12.1 million ($19 million) reflecting a net initial yield of 4.68%.

The 13,379-sf office building is let to marketing guru Sir Tim Bell’s Chime Communications at £600,000 ($930,000) per annum on a 20-year lease expiring in 2019.

Ian McBryde, Director of Commercial Property for FISPAM said: “This Mayfair holding provided a long term income stream in prime office location with good covenant – but with central London office investments becoming increasingly attractive to the private debt-driven market this deal represents an excellent disposal opportunity.”

FISPAM represented itself and acted on behalf of Friends Provident Life Assurance while Michael Elliott acted for Strategic Real Estate Advisors.

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