STAFFORDSHIRE County Council has purchased of an office property in London for £18.1m.
The property, 16 Upper Woburn Place in the Camden area of the capital, has been bought as part of the authority’s pension fund investments from London-based Warner Estate.
Deputy leader Cllr Ian Parry said: “The Staffordshire Pension Fund, currently valued at around £2.5bn, invests in a diversified portfolio of shares, bonds and UK property.
“Returns on investments help to keep council tax payments toward the cost of pensions lower than they would otherwise be.
“The purchase of 16 Upper Woburn Place adds to the property portfolio invested in the UK. The London office market is anticipated to provide attractive returns in the coming years.”
The property had a book value of £19.35m as valued at the end of March and contributed £1m of net annual rent to Warner.
Net proceeds from the sale of £17.4m will be utilised to reduce Warner’s group debt.
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