New Star sells City property

New Star has completed the sale of 60 Gracechurch Street in the City of London in what the company says is a promising sign for the commercial property market. The sale of the property, the largest holding in New Star’s UK Property Unit Trust portfolio, marks a switch in approach as the trust seeks to reduce single asset exposure. The property was sold for 127.5m, bringing the fund’s liquidity position past 25%, one of the highest in the industry.