Pontegadea buys St James’s office block

Pontegadea has exchanged contracts to buy 21 St James’s Square, SW1, from Columbia Threadneedle for around £190m. An overhaul of the freehold building was completed in 2018 to provide 61,381 sq ft of grade-A office space and a 763 sq ft roof terrace. Floors one to six are leased to private equity firm Cinven Partners and the lower ground and ground floors to healthcare investment adviser GHO Capital Partners. Together the pair pay more than £7.3m a year in rent on leases expiring in September 2034 and July 2029 respectively. Columbia Threadneedle appointed Allsop in 2019 to find a buyer for the building, seeking offers in excess of £200m, reflecting a net initial yield of 3.6%.   To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette