Leading property developer and investor Kajima Properties today formally announced its acquisition of 103 Mount Street, on one of the most prestigious streets in the heart of London's Mayfair, from PRUPIM.

Occupying a prime position opposite the Connaught Hotel and backing onto Mount Street Gardens, the property comprises 31,000 sq ft office and retail space over seven floors. The purchase price was in excess of £31.5m at a yield of c.6.6%.

Julian Rudd-Jones, Managing Director of Kajima Properties, says: "This purchase continues our ongoing programme of selective investment in high quality London real estate. 103 Mount Street represented an excellent opportunity to acquire a core Mayfair asset with asset management potential."

Kajima‘s investment programme will continue to focus on prime London buildings which offer long-term value in the current market.