Federated Hermes has instructed JLL to sell three offices in Greater London for £195.2 million.
The Landmark portfolio comprises 500,000 square foot of offices. The guide price reflects a net initial yield of 8.15% and a capital value of £386 per square feet.
The buildings are: the 162,249-square-foot Wimbledon Bridge House, SW19, the 200,452-square-foot 26-28 Hammersmith Grove, W6, and the 142,402-square-foot Chiswick Tower.
The portfolio is being dubbed the "Landmark" as each building is a well-known prominent office adjacent to a key London transport interchange in Wimbledon, Hammersmith and Chiswick respectively.
As a whole, the buildings are multilet to 29 tenants generating a weighted average unexpired lease term of 5.8 years to lease expiries and 2.3 years to nearest terminations, based on the contracted rent.
The total market rent reflects an overall office rent of £36.67 per square feet.
The properties are being sold with a string of asset management initiatives, with long-term development and re-positioning potential for either continued office or alternative uses.