Glen Maud, who is a partner with Irish businessman Derek Quinlan in two billion-euro property deals, is selling a City of London office block for €115m through his Propinvest vehicle. The building, at 41 Lothbury, was banked by AIB, which agreed late last year to extend the finance secured against it for a further three years, according to Property Week. It said Propinvest injected more equity as part of the refinancing. Much of Propinvest's debt is listed on the Irish Stock Exchange. The building is the former headquarters of NatWest Bank and is being sold to a Middle Eastern investor for a yield of less than 5.5%. The yield is the rent expressed as a percentage of the selling price. Maud bought the headquarters of Banco Santander in Madrid and an office block in London with Quinlan. Quinlan is not involved in Propinvest.

Meanwhile, the same publication reports that, last month, F&C Reit completed the acquisition of an office block in Sheffield from Sheffield Irish Life for £13m. F&C is part of the consortium buying Liffey Valley shopping centre in west Dublin.