Aberdeen sells Regis House for £105m

Aberdeen Asset Management has sold Regis House, EC4, in the City to a private Middle Eastern investor for £105m – a net initial yield of 4.4%.  The 105,000 sq ft office building has a net passing rent of £4.95m per annum, and an average weighted unexpired lease term of seven years. Tenants include law firm Chadbourne & Parke, serviced office provider i2 Office, and technology solutions company Iress. Aberdeen held the building in the Scottish Widows Pooled Property ACS Fund, a legacy fund from its acquisition of Scottish Widows Investment Partnership from Lloyds Banking Group in 2013. Scottish Widows acquired the building from Land Securities in 2006 for £83m. It is on the site previously occupied by the King William Street underground station, which was northbound terminus of the world’s first underground railway and closed in 1900. GM Real Estate advised Aberdeen Asset Management; Savills represented the purchaser. • To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette