The 31,197 sf building was redeveloped behind its original façade in 1989 over lower ground, upper ground and five upper floors.It is currently let to the Arts Council of England on a 25 year lease, which expires in March 2015. The current passing rent is £1.236 million ($1.75 million) per annum equating to £39.62 per sf ($56.26) overall.

Healey & Baker marketed the property on behalf of SEB with a quoting price in excess of £16 million ($22.72 million).

Ashley Marrison, West End Investment Specialist at Healey & Baker said: 'In more recent times this type of product has been more attractive to the private debt-driven purchaser. However, for the right property this deal proves the institutional purchaser still exists.'Morgan Loggie advised the purchaser.

SEB ImmoInvest was formerly known as BfG ImmoInvest, prior to the takeover of the German BfG Bank by SEB Bank of Sweden. Its German open-ended property fund has total assets of euro 2.19 billion ($1.93 billion) invested in nine countries.

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