Schroder picks up 55 Bishopsgate, London

Schroder Real Estate has bought 55 Bishopsgate, a prime, freehold, multi-let building in the City of London for £187.5 million, which represents a net initial yield of 4.9%.

The purchase was on behalf of Immobilien Europa Direkt, which is the investment group of the Zurich Investment Foundation, a Swiss pan-European pension fund, and a strategic partner. The property has 198,000 square feet of office and retail accommodation and is let to eight tenants including Aon Insurance, Amalgamated Metal Corporation and retailers including Pret a Manger and itsu.