CBRE Global Investors’ European value-add series has bought the 280 Bishopsgate office asset in London in partnership with Arax Properties.

The real asset investment manager’s Europe Value Partners 2 (EVP 2) fund acquired the asset from an unnamed buyer for an undisclosed sum.

280 Bishopsgate is a prime office arranged over basement, lower ground, ground and 12 upper floors.

CBRE GI said the building will be comprehensively refurbished to provide offices extending to approximately 280,000sqft including new rooftop terracing and balconies, to be completed in 2021.

Christina Forrest, fund manager, EVP 2, CBRE Global Investors, said: “This value-add opportunity is in line with EVP 2’s key investment strategy of repositioning to core.

“The prime location and lack of Grade A space against strong occupational demand makes this a very exciting project and one we look forward to delivering in 2021.”

Giles Morse, UK & Ireland partner, Arax Properties, said: “Arax is delighted to establish our third partnership with CBRE Global Investors, continuing our strategy of acquiring high-quality assets in core locations with strong upside potential.”