Welput sells St James’s office for £118m

BentallGreenOak’s Welput fund has sold a prime West End office on St James’s Street, SW1, to Ekistics Property Advisors for £118m. The deal, which represents a 4.19% yield, comes after a significant revamp of the block in 2018 which brought the building’s office space to 56,200 sq ft. Tenants include boutique hedge fund ExodusPoint and investment manager Harrison Street, as well as six others. Ker Gilchrist, Welput managing director, said the fund would redeploy the proceeds of the sale into new buys and existing projects. “St James’s continues to perform well, with financial occupiers particularly seeking the best buildings for their employees to work and collaborate in,” he said. John Pedersen, managing partner for Ekistics Property Advisors, added: “20 St James’s Street, with its best-in-class ESG credentials, combined with its situation in one of London’s leading office submarkets represents the cornerstone of our longer-term strategic focus on market-leading office assets specifically focused on the demands of modern office occupiers.” Ekistics was represented by Macfarlanes and PwC. BentallGreenOak was advised on the disposal by JLL and Norton Rose Fulbright. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews