The property is leased to UK's Inland Revenue.
Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) and Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) have bought an office building in central London from Land Securities Group plc (LSE: LAND) for ₤40 million. The deal was brokered by Jones Lang LaSalle Inc. Israel representative Roger Marx.
The 9,500-square meter eight-storey building in Holborn in the West End is leased to Inland Revenue under a 16-year lease for ₤3 million a year. Rent is updated every five years, but cannot be reduced from its current level. Net return on investment will be 7.5%.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009