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KWE : Kennedy Wilson Europe buys in Buckingham Palace Road
Kennedy Wilson Europe says it has bought the company that owns 111 Buckingham Palace Road, Victoria SW1 for £207.5m, which equates to a yield of 5.1%.
111 Buckingham Palace Road is a 227,165 sq ft landmark, Grade A London office building. It is fully occupied with a weighted average unexpired lease term of 5.7 years to first break. It’s used as the London headquarters of Telegraph Media Group (accounting for 54% of rental income) and is also rented out to, private equity group, Advent International; TV and internet content group, Scripps Network; and serviced offices operator Regus. The gross yield of 5.1% is expected to rise to c. 7% following execution of asset management plans (starting with a refurbishment of the reception area).