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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.

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