The Crown Estate, the agency that manages the UK sovereign's property holdings, has acquired the 73-year headleasehold interest in the office building at 10 Spring Gardens in London for £34 mln (EUR 40 mln). The deal reflects a yield of 6.7%.

The vendor was Invista Real Estate, on behalf of clients. The Crown Estate already held the freehold on the property.

The 7,200-m2 building is occupied by the British Council as its UK headquarters. The council's lease has a further nine years to run.

Invista Real Estate was advised in the sale by H2SO. GM Real Estate acted for the Crown Estate.