LV= Asset Management, the fund management arm of mutual insurance and investment group LV=, has sold 8/9 Long Acre, London, to a private investor for a price in excess of £22.5 mln (EUR 26 mln), reflecting a net initial yield of 4.5%.

Developed by LV= in the early 2000s, the property provides a total of 18,407 sq ft (1,710 m2) of retail and office accommodation. The retail element is let to Reiss until 2018 and the remaining income is derived from three office tenants with either expiries or breaks in 2014.

'Following completion of a recent asset management programme and a strategic review of the asset, LV= opted to take advantage of the strong depth of demand that currently exists for prime Central London assets of this nature,' commented Mike Tremayne of Cushman & Wakefield, acting on behalf of LV=. 'We received over 10 cash offers in excess of the quoting price from a wide range of bidders, including private overseas and UK investors as well as a number of institutions.'

Cushman & Wakefield advised LV=Asset Management and Drivers Jonas Deloitte advised the purchaser.