Henderson Global Investors (HGI) has exchanged its interest in 12-13 Henrietta Street with Royal London Asset Management (RLAM)'s stake in Bishops Court, Artillery Lane. A balancing payment will be made by RLAM to HGI upon completion.

12-13 Henrietta Street, which is owned by HGI's Central London Office Fund I, is a prime Covent Garden asset, providing 26,100 sq ft (2,500 m2) of office, retail and ancillary accommodation over basement, ground and four upper floors. The freehold property is multi-let to four occupiers on a lease term of 2014 - 2029.

Bishops Court provides 53,500 sq ft of net office and ancillary accommodation over basement, ground and five upper floors. The property is let to HSBC Insurance Holdings on a lease expiring in August 2012.

'This transaction represents an innovative play for both parties,' said Nick Deacon, fund manager at HGI. 'Bishops Court provides an exciting opportunity for us to add value through asset management initiatives and we are confident that we can unlock significant value for our investors. Looking forward, our financial flexibility and continued asset recycling will allow us to continue to take advantage of these types of opportunities.'

Keith Miller, senior fund manager at RLAM added: 'This swap is the second such transaction that we have engaged in and enables both parties to pursue their respective investment strategies.'

GM Real Estate advised on the transaction.