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German Investor Acquires Bechtel House, Hammersmith

LONDON-German investor DB Real Estate has paid Standard Life $95 million, reflecting an initial yield of 7.1% for the 167,300 sf Bechtel House in Hammersmith, West London.

By Graham Parker | Updated on May 07, 2004

LONDON-Standard Life Investments has sold the 167,300 sf Bechtel House in Hammersmith, West London to DB Real Estate for £52.8 million ($95 million), reflecting an initial yield of 7.1%. The prominent office building is let to construction engineers Bechtel on a lease which expires in September 2014 at a passing rent of £23 ($41) per sf. The building is currently undergoing a refurbishment programme as part of a deal between Bechtel and Standard Life which involved the regearing of the existing lease. Martin McGuire, Investment Director at Standard Life Investments said: “We have substantial assets in Hammersmith and recognised the strong investor demand from the German market for high-quality buildings with strong covenants in this location. The disposal is part of our ongoing investment strategy and the proceeds will be reallocated to new investments.” Strutt & Parker advised Standard Life Investments and CB Richard Ellis acted for DB Real Estate.

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