The Grade A office building, redeveloped in 2010 behind a retained historic façade, comprises 79,838 sq ft over 13 floors and is fully let to 11 tenants, a mix of technology and financial services companies, with a WAULT of four and a half years to expiry.
Located in the heart of London’s financial district, opposite the Bank of England, One Bartholomew Lane benefits from excellent transport links, with Liverpool Street underground and overground stations and London Cannon Street all within a five-minute walk. Connectivity is set to be further enhanced by the completion of Crossrail, with access via nearby Moorgate Station.
BNP Paribas Real Estate acted on behalf of Pembrey Asset Management and CBRE acted on behalf of Hines.
Adam Jaffe, at Investec Structured Property Finance, commented:
“We are delighted to have helped our client acquire this prime, high quality office building. Opposite the iconic Bank of England, One Bartholomew Lane’s prime location in the world’s leading financial and international business market makes it a highly desirable asset.
“This purchase emphasises the continued attraction of investing in London, where wealth preservation is the underlying strategy.
Despite economic and political uncertainty, we believe that demand for well-located London real estate will remain resilient in 2019. With a 25 year track record of supporting both domestic and international buyers with investment and development funding solutions, we are well placed to meet this anticipated demand.”
Ross Blair, Senior Managing Director and Head of Hines UK, said:
“Since acquiring the building in 2011 we have delivered attractive returns for our investor client during the period of ownership. It is a fantastic building in a supreme location, which was unsurprisingly the subject of intense appetite from investors.”