RE Capital, which seeks to acquire up to £150m (€173m) central London offices this year, has added a 29,174sqft building to its portfolio.
The pan-European property manager said it has completed the acquisition of the Albion House building at 20 Queen Elizabeth Street in Southwark from Peabody for £15.05m.
The latest deal follows the purchase of 1-7 Old Queen Street last year, and is part of RE Capital’s ambition to acquire up to £150m of central London offices this year, the manager said.
Simon Banks, the head of UK real estate at RE Capital, said: “Albion House represented a unique opportunity to buy a vacant and extremely well-located office in central London on an attractive basis for our capital.
“The acquisition aligns with our strategy to re-position strong underlying assets in core locations and deliver more relevant, diverse workplaces in a rapidly changing occupational landscape at a time when people are looking to return to the office.”
Banks said this latest transaction is an important milestone in RE Capital’s ongoing strategy to acquire up to £150m of central London offices this year.
JLL has advised RE Capital on a £20.6m financing for the acquisition and refurbishment facility. The loan has been provided by Invesco.
Andrew Gordon, managing director of real estate debt – Europe at Invesco said: “We believe that “future-proofed” offices in core locations present a good opportunity and we are delighted to be supporting RE Capital on this transaction.
“We continue to seek both investment and development lending opportunities in all sectors across all European markets.”
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