UK - Standard Life Investments has bought a central London building for £20m on behalf of its £2.2bn pooled property pension fund.
The firm said it bought the freehold interest of 36-39 Poultry and 1-6 Old Jewry in London’s business district from CGIS Group and will develop it speculatively on behalf of its fund.
“The purchase of 36-39 Poultry reflects our confidence in the City of London office market,” said Mike Hannigan, Standard Life Investments’ pooled property pension fund director.
Standard Life said the building was presently almost fully let, but CGIS, by negotiating surrenders and operating break clauses, had enabled vacant possession to be available in June, allowing the firm to commence demolition with completion in mid 2007.
Standard Life Investments’ other speculative development for the pooled property pension fund is 198-202 Piccadilly and 33/34 Jermyn Street, purchased from TR Property Investment Trust in July 2004.
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