Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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”.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.