Royal London pays £75.35m for 25 Soho Square office building
Royal London Asset Management has bought a £75.35m (€87.3m) London office building from Aviva Investors.
The UK-based investment manager said it has completed the acquisition of the 44,000sqft 25 Soho Square in the West End of London.
The property has been multi-let to five tenants.
Keith Miller, senior fund manager and head of offices, Royal London Asset Management, said: “25 Soho Square perfectly fits our strategy of buying best-in-class buildings in prominent central London locations.
”Occupier demand for Soho is strong as evidenced by the leasing success at our redevelopment of 6 Warwick Street at rents in excess of £100 per square foot. Our outlook for the market remains positive and we believe Soho will continue to outperform.”
David Diemer, head of UK balanced funds at Aviva, said since acquiring 25 Soho Square in 2010, Aviva has undertaken a number of asset management initiatives, including a comprehensive refurbishment.
“Having delivered on our business plan, we decided that this is the appropriate time in both the asset and the market cycle to exit, crystallising the significant value uplift created over our hold period.
“We will continue to focus our investment strategy in our target locations where we believe we have the opportunity to add value on behalf of our investors.”