Hermes and Canada PPIB offer South Bank Central for £280m
Hermes and Canada Pension Plan Investment Board are looking to sell their South Bank Central building in London for £280m.
The pair have instructed CBRE and put the tower up for sale for a net initial yield of 5.03%. The freehold estate includes around a 113,000 sq ft site on the South Bank.
The estate offers 263,905 sq ft of commercial space across three sites: Alto, which comprises 51,938 sq ft of offices; Vivo, with a further 178,681 sq ft of offices; and The Gallery, the development’s 33,353 sq ft leisure and retail area. In addition, there are 191 high-end apartments.
Hermes and Canada Pension Plan Investment Board are looking to sell their South Bank Central building in London for £280m.
The pair have instructed CBRE and put the tower up for sale for a net initial yield of 5.03%. The freehold estate includes around a 113,000 sq ft site on the South Bank.
The estate offers 263,905 sq ft of commercial space across three sites: Alto, which comprises 51,938 sq ft of offices; Vivo, with a further 178,681 sq ft of offices; and The Gallery, the development’s 33,353 sq ft leisure and retail area. In addition, there are 191 high-end apartments.
Last year, tenant WeWork agreed to take an additional 23,551 sq ft space on the sixth floor, in addition to the 72,000 sq ft it already leases at South Bank Central’s Vivo building. In total, WeWork accounts for 47% of the development’s income.
Other tenants include Racing Post, DNV GL, Black Sheep Coffee, Waitrose, and FluidOne.
South Bank Central is one of only two buildings left in the CPPIB and Hermes Real Estate Investment Management joint venture, which was formed in 2013 and has been steadily sold down.
The jv’s other asset is 100 Regent Street, W1.
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