Clearbell acquires central London office block with overseas investors [corrected]
A Clearbell Capital managed fund has teamed up with three overseas co-investors to buy a £59m (€69m) office block in central London.
The value-add Clearbell Property Partners III bought the 70,440sqft 65 Kingsway asset with additional capital from institutions from the US, France and Finland.
The freehold grade II listed Art Deco office building was formerly the headquarters for Kodak.
Rob West, partner at Clearbell said: “Central London has performed beyond expectations given Brexit uncertainty. Overseas investors are attracted by the weaker pound in a Brexit context and by London’s strong fundamentals as the world’s most liquid real estate market.
“Supply-demand dynamics in the capital remain attractive. This co-investment proves that London remains an attractive location for inward investment.”
65 Kingsway is Clearbell’s most recent investment in London after the Sloane Club in October 2017.
An earlier version of this story misstated the size of the 65 Kingsway asset.