ING Real Estate Investment has reportedly sold its stake in the iconic 88 Wood Street, London EC2 for a total of £184 million to Rockspring Property Investment Managers LLP Company for their new clients NPS Central London Property Limited Partnership. The acquisition was announced by Rockspring earlier this week. For the same clients, Rockspring has also acquired a 50% stake in the office complex at 40 Grosvenor Place, London SW1.

With a total of 17 floors, the complex at 88 Wood Street has tenants like Bryan Cave, Mitsubishi, National Australia Bank, Hewlett Packard Ltd, and Collins Stewart Ltd, and brings in reported rental revenue of £12.6 million annually. Since most of the lease contracts have an average of 10 years more to run, this represents a steady income stream for the buyers. Rockspring has, as part of the deal, also agreed to take over Bayern LB’s debt facility of £91 million.

The other acquisition, a 50% stake in 40 Grosvenor Place, is located in the central district of Victoria for desk space London, and has six floors of office space leased out to the likes of Capital International, EDF Energy, LEK Consulting and Bluecrest. Total income from the property is estimated at close to £12 million annually, and is split with the other partner, the Grosvenor London Office Fund.

Rockspring has been engaged in finalizing a number of deals recently after the tie-up with the National Pension Service of Korea which engaged the former to manage its investment in the London commercial property market.