LONDON-Carlyle Group, the global private equity firm, has made its UK debut with a £67 million ($106.1 million) acquisition in the City.

The firm bought the long leasehold on 107 Cheapside, which comprises 125,000 sq ft of offices and 50,000 sq ft of retail units, from AXA Sun Life. The deal reflects a net initial yield of around 9.5%. The building is 95%-let and the office space is expected to become partially vacant over the next three years. Carlyle plans to use that opportunity to refurbish the property.

Carlyle already has a portfolio of 50 properties across France, Germany and Italy but this is the firm’s first foray into the UK. Now it is looking to spend a further £250 million (£396 million) on acquisitions over the next two years. The target is offices and small or specialist retail centres.

GVA Grimley represented Carlyle in the deal. AXA was unrepresented.

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