September 8, 2011 / 4:22 PM / 8 years ago

Irish bad bank NAMA to sell London block for 120 mln stg

* Block one of first put on market by NAMA

* Price tag of 120 mln stg

By Tom Bill

LONDON, Sept 8 (Reuters) - A London property located halfway between St Paul’s Cathedral and the Bank of England, controlled by Ireland’s National Asset Management Agency (NAMA), became one of the first London assets the state-run organisation put on sale this week, documents seen by Reuters show.

The 185,000 square feet office and retail property at 107 Cheapside in the City financial district has a price tag of about 120 million pounds ($192.8 million), two sources familiar with the process told Reuters.

Established in 2009 to help purge crippled lenders of risky development loans, state-run NAMA has spent 30.5 billion euros ($42.7 billion) acquiring loans with a nominal value of 72 billion euros. It had only sold 3.3 billion euros worth of properties by June.

NAMA revealed a list of its properties that were in the hands of receivers in July.

The Cheapside block, which is being sold by property broker CB Richard Ellis Group , provides an income of 7.5 million pounds a year, reflecting an initial yield of 5.5 percent, the sources said.

The tenants include law firm Orrick, Herrington & Sutcille, recruiter Hays and Pizza Express. ($1 = 0.714 Euros) ($1 = 0.622 British Pounds) (Editing by David Holmes)

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