Ivanhoé Cambridge buys UBS London office asset

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Ivanhoé Cambridge has bought a London office asset for £130m (€177m).

The real estate arm of the Caisse de dépôt et placement du Québec said it bought 21 Lombard Street, an office property in the City district of the UK capital, from an undisclosed seller.

The 116,000 sq ft class A asset is fully let to UBS Global Asset Management.

The deal is the investor’s third office purchase in the City of London in six months.

Meka Brunel, executive vice-president for Europe at Ivanhoé Cambridge, said it remained focused on a “clear investment strategy of building a critical mass of quality office assets” in London.

The Canadian institutional is investing alongside its partner, Greycoat.

In March, Ivanhoé Cambridge paid £170m for 3 Minster Court.

The 275,000 sq ft property, built in the 1990s by Prudential, is let to the London Underwriting Centre.

The deal followed the investor’s £122m purchase of Stonecutter Court from Hines Global REIT late last year.