TMW Pramerica Property Investment, the German arm of Pramerica Real Estate Investors, has divested an office and commercial building in the City of London to an unnamed buyer. The sales price of £65 mln (EUR 74 mln) is 25% above the price Pramerica paid for the building back in 2009.

The property, located at 11 Pilgrim Street, was bought by Pramerica in January 2009 from UBS Asset Management for £52 mln, or a net initial yield of 7.5%. The building is multi-let to three tenants on a weighted unexpired term of 12 years. It provides around 100,000 sq ft (9,300 m2) of office space on seven floors.

Separately, TMW Pramerica Property Investment has sold a vacant office building in Hannover, Germany to a spezialfonds of Heise Media Group. The 12,200 m2 property formerly housed the head office of insurance firm VHV, which relocated to another property in May 2009.

Henschel Immobilien brokered the deal.