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LONDON-BJER, the 50/50 joint venture between Benchmark and JER Partners has sold two City office investments as part of a strategy of reducing exposure to the troubled City office market.

BJER has sold its interest in 12 Norwich Street, London EC4 to Scottish Widows Unit Fund for £12.75 million ($20 million). The 41,082-sf freehold property is let a to Associated Press for a term expiring in December 2007 at a passing rent of £1.19 million ($1.9 million) per annum.

BJER has also exchanged contracts to sell its freehold interest in 94-97 Fetter Lane, London EC4 to a UK property company for £1.45 million ($2.3 million). The 6,366-sf freehold office building is part vacant and part let on leases expiring during 2004, generating a total current income of £91,855 ($145,000) per annum.

Benchmark Chief Executive Nigel Kempner said: “These most recent lettings reduce our vacancy rates and demonstrate that deals can be done. The sales continue our policy of reducing exposure to the City market”.

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