Skanska's Monument Building hits the market for £130m

By James Buckley - Friday, April 28, 2017 11:40

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Skanska is putting its Monument Building in the City up for sale for £130m, the latest in a wave of stock in the Square Mile to hit the market before the summer, CoStar News can reveal.

Skanska has instructed Savills to put the building on the market for a net initial yield of 4.61% following a successful leasing campaign at the development which has taken less than a year to let up. It has always been Skanska’s plan to sell the asset once its full value had been realised.

Earlier this month, Skanska secured a double letting to pan-European property company M7 Real Estate at The Monument Building, its 94,000 sq ft office-led scheme.

The latest letting leaves just one floor remaining in the 10-storey development which is located next to the Monument to the Fire of London.

M7 has taken two floors at The Monument Building, totalling 22,236 sq ft, to accommodate its rapidly expanding business.

M7 will occupy the third and fourth floors, joining existing tenants Maxis, UnderwriteMe Techonology Solutions, TwentyFour Asset Management, Booking.com and Portuguese bank Caixa Geral de Dépositos in the office space, along with Olive & Squash and Le Pain Quotidien, located in the ground floor retail units.

The Monument Building, designed by architect Ken Shuttleworth’s Make, has a distinctive ‘curtain’ of twisting, anodised aluminium fins on the south façade, creating a new backdrop to the historic Monument.

jbuckley@costar.co.uk

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