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December 18, 2012
Azerbaijan Sovereign Wealth Fund acquires £177million Office Site in Prime Central London: St James, SW1
The State Oil Fund of Azerbaijan (also known as SOFAZ) has bought 78 St James’s Street, SW1, for £177.35m from Grundbesitz Europa and open ended real estate fund owned by RREEF Real Estate, the German real estate fund manager.
The property covers 118,596 sq ft and is Grade 2 Listed. It is currently fully let to a HSBC Private Bank, a strong rental covenant, until 2023 at a rent of £9.65m per annum reflecting a gross yield of 5.44%.
St James Street connects Piccadilly, near the Ritz, with Pall Mall and St James Palace. The Street is home to the Carlton Club, the most elite Conservative Party gentleman’s club, as well as other prestigious private banks such as Julius Baer and fund managers Trafalgar Capital Management and Ferox Capital.