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.
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