UK - Hermes Real Estate Investment Managers Limited (HREIM) and LaSalle Investment Management have sold a £141.5m office block in the City of London to Invesco Real Estate.
The sale of One Finsbury Circus, EC2 was carried out on behalf of the British Telecom Pension Scheme (BTPS), and clients of LaSalle.
The landmark building is occupied by Stephenson Harwood, and offers 210,000 square feet of office space behind a Grade II Listed façade. The building was refurbished according to the principles of Hermes' Responsible Property Investment (RPI), has a BREEAM ‘Very Good' rating and won the 2009 City Heritage Award.
Hermes Real Estate Investment Managers CEO Chris Taylor said: "The sale of One Finsbury Circus as a fully priced asset is complementary to the BTPS investment strategy, where we are keen to anticipate the city office market cycle rather than react to it. This also allows us to redeploy capital on higher yielding stock where we can apply our proven asset management capabilities."
LaSalle Investment Management fund manager, Julian Agnew added: ''This is one of the last sales arising from a portfolio rebalancing exercise on behalf of a new client, who, with a combination of sales proceeds and up to £300m of new investment, is seeking to create new asset management opportunities in Greater London and industrial property.''
Andy Rofe, managing director, Invesco Real Estate, said: "We are delighted to have exchanged contracts on this property, which we believe is a strong core investment for our growing pan-European fund. The excellent location, which is a key target market for the fund, strong tenant, long-term lease structure and potential for strong income return combine to provide an attractive investment, which is appealing to the fund's investors."
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