Contracts have been exchanged for the sale of Aviva Tower at 1 Undershaft in London.
The
City offices are at the centre of a more than £288 million deal, which represents a net initial yield of 5.4 per cent.
Aviva Tower is another property from Simon Halabi's Protractor portfolio to be sold after it entered into administration.
When the property was first highlighted as being up for sale, the quoting price stood at £284 million for the 315,254 sq ft of space, Property Week reported.
Aviva is set to lease the
City offices that act as its headquarters - also known as St Helen's - until 2024.
Other parts of its company - such as its UK insurance, healthcare and RAC divisions - are located in places including Norwich and Eastleigh.
It is expected that the sale of Aviva Tower will be completed by July of this year, it was reported.
Posted by David Hudek
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