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LMP : LondonMetric Property sells 1 Carter Lane
LondonMetric Property has announced that it has sold 1 Carter lane, an office development near St. Pauls in London, for £124.8m net (£138.8m gross adjusted for rent free deductions). They expect the deal to complete in January 2015.
The 129,081 sq ft property is 73% let by floor area to MFS and SEB and LondonMetric is currently in detailed negotiations with a potential tenant regarding the letting of the last two remaining floors. They get £4.54m in rent currently and this would rise to £6.29m if the new letting goes through. They bought the building in 2011 for £75m and have spent £15m on it. In March this year they were valuing it at £106.2m.