London offices in Paddington 'bought for £230m'
A building of London offices in Paddington has been sold by a joint venture for £230 million.

Union Investment Real Estate and Aviva Investors have disposed of One Kingdom Street, which in turn has been acquired by Cityhold Property, a joint venture between the First and Second Swedish National Pension Funds, PropertyEU reported.

The premises in Paddington has a net lettable area of 260,569 sq ft of London offices and is the first acquisition in the capital for the Swedish group.

Cityhold Property's executive chairman Rickard Backlund said One Kingdom Street has robust environmental standards "and we believe that the future Paddington Crossrail link will drive further positive rental uplift to this investment in the future. We are also very pleased with the yield this property is generating".

Current tenants at the fully-let building include Statoil, Misys, MWB and Vodafone.

Meanwhile, Two Kingdom Street - which is also part of the PaddingtonCentral development - offers 235,000 sq ft of London offices, with AstraZeneca occupying 75,000 sq ft of this space for its global headquarters.

Posted by Emma Davies

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