Henderson Park has acquired Woolworth House in London from Hermes Investment Management for £94m (€106.2m).

The European real estate investor said it bought the 159,000sqft eight-storey office building at 242/246 Marylebone Road.

Nick Weber, a founding partner of Henderson Park, said: “Woolworth House is an extremely well located and highly distinctive office building which we believe offers enormous potential in London’s West End office market that has seen many office to residential conversions since 2008 and a constrained development pipeline.

“Our investment in Woolworth House is underpinned by the exciting asset management initiatives that we have identified for the building and our belief that London will retain its status as one of the world’s preeminent global cities and centres for international business, both of which will be key drivers of demand for the high-quality product that we intend to deliver.”

Chris Taylor, the head of private markets at Hermes Investment Management, said: “The disposal of Woolworth House follows a proactive asset management strategy being implemented at the asset, which has included regearing of leaseholds within the building.

“Capital from this sale will be redeployed into new acquisitions which present an opportunity for added value to be achieved.”

Topics

Related Companies