The West End of London Property Unit Trust has acquired the freehold of 98 Theobalds Road, London for £65 mln (EUR 81 mln) from US property firm Crescent Heights. The deal reflects a net initial yield of 5.94%.

The nine-storey office building is let in its entirety to Warner Bros Entertainment until September 2014. The building was substantially refurbished and rebuilt in the late 1990s by Land Securities, and offers short-term opportunities for WELPUT to improve the building and its leasing, the company said.

Crescent Heights acquired the building in 2009 for £43 mln. ‘This disposal has enabled us to extract significant value from our investment and marks the successful conclusion of our first acquisition in the London office market,’ said Crescent Heights acquisitions director Eric Hopkins in a statement.