AIM-listed property investment company London & Stamford (L&S) said on Tuesday it has exchanged contracts with Legal & General Assurance to acquire One Fleet Place, EC4, London for £74 mln (EUR 80 mln). The 170,000 sq ft (16,000 m2) prime City of London office building is mainly let to Denton Wilde Sapte until 2025, at a rent of some £36 per sq ft, representing a yield of 7.75%.The purchase is expected to complete shortly after the satisfaction of the conditions, L&S said.

Raymond Mould, the Non-executive Chairman of L&S, said: 'This building combines an excellent blend of building quality, current market rent, long lease length, secure income and given the leverage we can apply, it gives us a very good income return on our investment.'

King Sturge acted for L&S and Jones Lang LaSalle acted for Legal & General Assurance Society.