Fund manager Invesco has completed a deal to buy Standard Life’s 20 Manchester Square in London’s West End for around £70m.
The 70,000 sq ft property was formerly the UK Headquarters of ICI. The building is currently let to the Boston Consulting Group, with 7 and a half years remaining on the current lease. The long leasehold interest has 121 years remaining and is subject to a side by side ground rent of 18.75%. The price paid is understood to reflect a 4.5% yield.
Hanover Green advised Invesco Real Estate on the acquisition.