Brookfield has struck a deal to sell its 2 London Wall Place, EC2 office block to a Chinese laminate manufacturer for £302m.
Kingboard Holding said in a statement on the Hong Kong stock exchange that the acquisition is part of its plans to boost its property investment portfolio, which it added offers a “stable and reasonable return in the current market situation”. The deal represents a yield of roughly 4%.
The 16-storey building comprises 187,200 sq ft of office space and 1,500 sq ft of retail. Some 96% of the leasable office space and all of the retail space is let, Kingboard said, generating total annual gross rental income of almost £13m.
