Kuwaiti property investor St Martins Corporation is reportedly buying 60 Threadneedle Street in the City of London from UK REIT Hammerson. The transaction is said to amount to over £175 mln (EUR 203 mln), reflecting a record low yield of below 5%, according to a news report in PropertyWeek.

The building is nearly fully let and generates £8.8 mln of rent a year.

The purchase by St Martins, a branch of Kuwait's sovereign wealth fund, is part of the firm's strategy aimed at recycling capital through sales and reinvesting in prime assets. St Martins has divested some £750 mln of smaller, secondary assets this year to finance the acquisition of larger properties.