Harel Insurance prepares £120m City office sale

Israeli investor Harel Insurance has instructed agents to sell the 200,000 sq ft City office building Ibex House, EC3. Allsop has been appointed to market the building, which is expected to be priced at around £120m. Tenants at the multilet building include PLP Architecture, BBC Media Action Group and London Offshore Consultants. Harel Insurance acquired the freehold in 2011 from LaSalle Investment Management for £64m – a net initial yield of 7.9%. Jonathan Ruback, partner, commercial investment, City at Allsop, said: “We are working with Ibex London Ltd, a vehicle backed by two Israeli institutions, to prepare this highly reversionary 200,000 sq ft iconic asset for sale. “The pricing is likely to be in the region of £120m but hasn’t been finalised yet. It offers a fantastic opportunity to drive the rents and refurbish this famous City building.” To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette