Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOMNDON- Deutsche Gesellschaft fr Immobilienfonds–or DEGI–has paid Hermes, manager of the Britel pension fund £67 million ($106 million) for its long leasehold interest in 1 Carter Lane and 2 Old Change Court in the City of London. The price reflects a net initial yield of 7%.

1 Carter Lane consists of 127,252 sf of offices over seven floors. 2 Old Change Court is a freestanding restaurant unit of 6,584 sf. The properties are held on a 150 year lease from 23 December 1997, the head rent is 8.05% of rents receivable.

1 Carter Lane is let to Goldman Sachs for 20 years from March 1998, subject to a tenant’s break option in March 2013. The annual rent of £5,184,982 ($8.19 million) reflects £47.00($74) per sf on the office accommodation. 2 Old Change Court is let to Marston Thompson & Evershed on a 25-year lease from May 1998 at an annual rent of £160,000 ($250,000) reflecting £24.30 ($38.40) per sf.

DTZ Debenham Tie Leung advised DEGI and Hermes was advised by Jones Lang LaSalle.

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.