The UK’s Universities Superannuation Scheme (USS) has sold the recently refurbished 6 Gracechurch Street office asset in London to Quadrant and a Singapore-based family office.
UK real estate manager Quadrant said it acquired the fully-let 47,000sqft asset in partnership with the unnamed family office as part of a new mandate.
The acquisition is the first deal for the partnership between Quadrant and the family office, which aims to create and manage a “portfolio of high-quality central London offices”.
Christopher Daniel, founding partner at Quadrant, said: “6 Gracechurch Street is already fully let to high-quality tenants following its recent refurbishment, clearly showing there is robust demand for offices in the City of London able to meet modern occupier requirements.
“We are excited to be embarking on building this portfolio at a time when we have likely reached a point in the cycle where valuations, including those for some of the city’s best located office assets, have reached a level that is providing investment opportunities that may not be seen again for considerable time.
“We will use our market knowledge, development and asset management expertise to unearth the best opportunities and drive superior risk-adjusted returns.”
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