Gaw Capital Partners has acquired two office buildings in London’s South Quay from a UK opportunity fund managed by Clearbell Capital.
Gaw Capital said it has agreed to buy 4 and 5 Harbour Exchange from Clearbell Property Partners II for £36.2m (€40.7m). Clearbell acquired Harbour Exchange in February 2014.
The assets, comprising two office buildings in the Harbour Exchange estate, cover 95,000sqft in total.
Dominic Moore, the head of asset management at Clearbell Capital said: “This sale demonstrates an appetite for prime office space in desirable locations beyond the City of London.
“The development of this business hub in the Isle of Dogs is testament to the attractiveness of peripheral locations in London, as tenants seek Grade-A space at reasonable rates. We pursued this investment against a backdrop of rising rents in the City, looking to deliver high-quality office space to high-quality tenants being priced out of the City.”
Christina Gaw, a managing principal and head of capital markets at Gaw Capital Partners said: “As freeholders of the Harbour Exchange buildings, this acquisition will enable us to further consolidate our holdings at the estate.
“These buildings represent exceptional value for tenants, providing access to Grade-A office space in a fantastic location with excellent transport links, at rents far lower than those found in the West End, City and other fringe locations.”
