La Française, on behalf of its funds, has made its debut UK real estate deal with the acquisition of an asset from the joint venture formed between Helical and The Baupost Group.
The asset manager said its collective real estate investment vehicle, represented by La Française Real Estate Partners International, has bought the newly-built office and retail property at 90 Bartholomew Close in London for £48.5m (€55.7m).
The six-storey building provides 24,013sqft of office space, as well as a 6,414sqft restaurant.
David Rendall, CEO of La Française Real Estate Partners International, said: “We are delighted to secure the property and grow assets under management in the UK.”
This follows the recent completion of an office development by La Française Real Estate Partners International at 10 George Street in Edinburgh on behalf of a Danish client, Rendall said.
Peter Balfour, investment director of La Française Real Estate Partners International – UK, said: “90 Bartholomew Close marks the milestone of our first acquisition in the UK on behalf of La Francaise funds and signifies the intention to grow our assets under management in the UK real estate market.”
Gerald Kaye, CEO, Helical, said: “Despite operating in a constrained environment, the timing of this sale reflects my firm belief that the attraction of good quality London real estate for international capital will continue. ”
Helical and Baupost’s joint venture acquired the Barts site in 2011 and redeveloped the area in three phases.
Barts Square is a three-acre, mixed-use development located between St Paul’s and Smithfield.