Kennedy Wilson has invested $252m (€212m) in the UK to buy a London office building.
The global real estate investment company said it bought the One Embassy Gardens asset in London’s Nine Elms district. The recently developed 156,000sqft office building is part of the wider Embassy Gardens estate.
Kennedy Wilson said the asset is 82% occupied by publisher Penguin Random House, with 8.3 years of term on the lease and a two-year rental guarantee from the vendor on the vacant space.
Mike Pegler, the head of UK for Kennedy Wilson, said the acquisition of One Embassy Gardens represents an excellent opportunity to recycle proceeds following the recent opportunistic sale of the firm’s central London office asset, Friars Bridge Court.
“One Embassy Gardens is a high-quality, green-certified asset of scale with a secure income stream within one of the fastest-expanding submarkets of central London and it is set to further benefit from the ‘tech-clustering’ effect when Apple opens its HQ in 2022,” Pegler said.
To read the digital edition of the latest IPE Real Assets magazine click here.