The 520 billion Swedish kronor ($69 billion) Allmanna Pensionfondsen, Stockholm, has acquired a long leasehold interest in a landmark London office building for 76.5 million ($119 million).
The purchase of the leasehold from Land Securities is the giant national Swedish pension fund's second in London this year. The investment has a net initial yield of 8.85%.
The 167,000-square-foot Milton Gate is fully let to Price Waterhouse on a 25-year lease that started June 1990. The accounting firm has sublet most of the space to other tenants.
Jones Lang Wootton, London, advised the pension fund on the transaction.
