RPMI Railpen has expanded its UK office real estate portfolio with the acquisition of a 44,221sqft asset in the north-west of London.
The in-house manager for the UK’s £30bn (€32.8bn) railways pension scheme has paid an undisclosed amount to buy Camden Works office scheme from an unnamed vendor.
Camden Works, which comprises three neighbouring warehouse-style office buildings, was formerly utilised for piano manufacturing.
Emily Atkinson, asset and transaction manager at RPMI Railpen, said: “The many exceptional attributes and prospects of Camden Works make the asset a particularly valuable addition to our portfolio. Boasting unique appeal and excellent transport connections, Camden Works meets our core investment themes.
“We will be making strategic investments to enhance the distinctive character of these buildings. This will drive Camden Works’ appeal for office occupiers and generate long-term returns for Railpen’s members, through a host of asset management, redevelopment and future rental growth opportunities.”
The latest acquisition adds to Railpen’s portfolio of office investments in London, which includes the 2018 purchase of Thames Wharf Studios.