Right in the heart of London Waterloo, today we announced the sale of Becket House. This office building is located in a prime area of London’s riverside, very close to Waterloo Station and the London Eye. In joint venture with Proprium Capital Partners we have exchanged contracts to sell this 146,000 sq ft twelve-storey building for £112 million at a 4.0 per cent yield.
The disposal will generate gains of £4.0 million to U+I representing an IRR in excess of 40 per cent, ahead of our initial expectations and further underpinning our ability to realise our anticipated full year development and trading gains. The sale will also enable us to recycle capital into new opportunities that suit our ambition to create value through mixed-use regeneration.
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