Hermes Investment Management, the £23 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, has completed the sale of Bramah House, Bermondsey SE1 which has been acquired by Canada Life Ltd for £14.25 million. The deal reflects a net initial yield of 4.48 per cent and a capital value of £907 per sq ft.
The 15,714 sq ft building was originally purchased by Hermes Investment Management for £5.6 million in December 2011. Current occupiers include Engine Creative Consultants Ltd, Eatbigfish LLP, SSE Services Plc, Firstplan Ltd and Next Fifteen Communications Group Plc.
Chris Taylor, Head of Private Markets, Hermes Investment Management, said: “The sale of Bramah House, Bermondsey is an excellent result for the fund and follows four and a half years of asset management which has seen the value of the property almost triple. As a consequence we felt it was now the right time to dispose of the asset and explore other similar opportunities.”
Michael White, Property Investment Director at Canada Life, said: “We are very pleased to add Bramah House to our London portfolio. South Bank East is a strong and emerging central London office sub market. Completion of the extensive works to London Bridge will open up Bermondsey to the south of the station and we believe will strengthen future growth potential.”
Tudor Toone acted for Hermes Investment Management, while Buchanan Bond acted on behalf of Canada Life Ltd.
