Singapore-listed property company Ho Bee Land has bought a prime office building in the City of London for £650m (€740m).
AXA Investment Managers - Real Assets said it has completed the sale of Ropemaker Place to Ho Bee Land’s subsidiary. The asset manager sold the asset on behalf of clients.
AXA IM - Real Assets acquired Ropemaker Place, at 25 Ropemaker Street, in 2013 on behalf of a joint venture comprising one European and two Asian investors from British Land for £472m.
The property was developed in 2009 and offers 571,000sqft of office accommodation in addition to ground floor retail and ancillary space. The 21 storey, 602,000sqft building is 96% let.
Huw Stephens, the head of UK transactions at AXA IM - Real Assets, said: “We invested on behalf of clients in Ropemaker Place in 2013 in anticipation of a recovery in investment and leasing activity in the City of London post the global financial crisis.
“We have now completed our business plan for this asset, by selling it to Ho Bee Land who will continue to benefit from its prime location in the heart of the City of London, which will be further enhanced by the opening of the Elizabeth Crossrail line later this year, its resilient income stream and its reputation as a high quality office scheme.”