Kajima Properties (Europe) Ltd have completed their acquisition of a subsidiary of Grupo Metropolis - that owns 55 Moorgate, London EC2.

55 Moorgate is a self-contained 66,000 sq ft freehold office building built in 1990 and situated in a prime City of London location between Moorgate and Coleman Street. The building has an annual rent roll of £2.8m and is primarily let to BNP Paribas. The purchase reflects an initial yield of approximately 5.6%.

Hiroaki Iizawa, Director of Kajima Properties said “55 Moorgate is a reversionary asset right in the heart of the City that offers a number of asset management possibilities for Kajima to consider in the medium term. 55 Moorgate’s central position will always be attractive to occupiers, and the arrival of Crossrail in 2018 is expected to only add to the benefits of this core City spot.”

DTZ represented Kajima. JLL acted for the vendor.