Nuveen Real Estate has sold 70 St Mary Axe, the 21-storey London City office tower to Hayfin Capital Management and Capreon.
Alternative assets manager Hayfin said it majority-funded the acquisition of the building, supported by Capreon, its real estate investment partner since 2017.
Financial details were not disclosed.
Developed by Nuveen and completed in 2019, the 70 St Mary Axe office tower is currently fully let.
Liz Sworn, fund manager at Nuveen, said: “We are pleased to have successfully divested 70 St Mary Axe to Hayfin and Capreon. After recognising the site’s potential, we aggregated the land originally owned by TIAA-CREF, secured planning consent and achieved practical completion in Q1 2019.
“Since opening, we established this landmark property as a premier grade-A office destination with full occupancy, high-quality tenants and best-in-class sustainability standards. The sale proceeds will be reinvested into other market opportunities, and we look forward to our continued partnership with both firms.”
Carlos Colomer, managing director at Hayfin, said: “Occupier demand for top-tier City offices with strong sustainability credentials remains robust, tracking significantly above the long-term average, with the number of jobs in the Square Mile having risen by 25% since 2019 while future supply declines.
“This investment provides us with high-quality exposure to this market, through a state-of-the-art space that supports collaboration and meets the needs of its tenants.”
Raphael Noe, CEO at Capreon, said: “The building’s strong ESG credentials, high-quality amenities and focus on occupant wellbeing position it well within a market where demand for best-in-class workspace remains resilient. We look forward to applying our asset and investment management expertise to support the continued performance of this exceptional asset.”
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