Alternative credit and real estate investor Signal has teamed up with London-focused asset manager W.RE to acquire 10 Lime Street in London.
While the purchase price was not disclosed, the property is understood to have been marketed by CBRE for £30m (€34.6m).
The joint venture acquired the 54,611sqft building from global reinsurer SCOR. The partners said this acquisition reflects their “strong conviction in the strength of occupier demand for prime Central London office space”.
The Rolfe Judd–designed 2009 development comprises modern office and retail accommodation arranged over lower ground, ground and seven upper floors.
Signal and W.RE said they plan to carry out a full refurbishment of 10 Lime Street to achieve a grade-A specification, energy performance certificate A and full ESG certification “to best position the building to benefit from the current demand for high-quality office and retail space in the City”.
Colman McCarthy, partner, real estate Investment at Signal, said: “Our ability to identify the opportunity early and act quickly enabled us to secure this prime asset at highly competitive pricing. 10 Lime Street is a standout building in one of London’s strongest office submarkets, where an acute lack of supply, low vacancy rates and significant rental growth create an exciting opportunity for us.
“Its prime location, strong transport links and high-quality space underpin the resilient demand we continue to see for well-amenitised offices in the City. With W.RE we see clear potential to further enhance the asset so it continues to meet the needs of modern occupiers and attract top-tier tenants, supporting long-term rental growth.”
Andrew Haines, COO of W.RE, added that the refurbishment of 10 Lime Street “offers an exceptional opportunity to create a best-in-class office building [that will] set a benchmark for modern workspace in a market where prime space is in short supply”.
To read the latest IPE Real Assets magazine click here.
