Global alternative investment manager Ares Management has acquired the long leasehold interest in 25 Charterhouse Square, London, EC1, from UK investor Helical, for £43.5 mln (€51 mln).
The disposal price represents a 6.5% discount to the 30 September 2023 book value.
Redeveloped by Helical in 2017, 25 Charterhouse Square is located just a minute’s walk from the Farringdon East Elizabeth Line entrance, with views overlooking Charterhouse Square.
The six-storey building provides 45,000 ft2 (4,180 m2) of modern office space and is home to a range of creative occupiers including marketing agency, Anomaly; the FTSE-listed betting and gaming company, Entain; and the communications consultancy, Hudson Sandler.
The building is accredited BREEAM Excellent, WiredScore Gold and offers end of journey facilities including nine showers, 94 lockers, 90 secure bike racks, a cycle repair station and a drying room.
Gerald Kaye, chief executive of Helical, commented: '25 Charterhouse Square is a great example of how Helical is delivering modern, attractive workplaces while staying true to its sustainability aims.
'This redevelopment project transformed the existing building and its success in attracting forward-thinking, creative occupiers is testament to its high quality design, accessible location and excellent amenities.
'We will look to recycle the proceeds from the sale into our development pipeline, which is focussed on delivering ‘best-in-class’ Central London office schemes.'
Wilson Lamont, partner and co-head of Ares European Real Estate, said: 'We are delighted to work with Helical as we selectively look to invest in the highest quality assets in the centre of Europe’s top cities following a period of market correction.
'With London at the forefront of this correction, we are now seeing attractive value in Zone 1 locations where tenant demand remains robust, and supply of modern, sustainable space is limited.'
Helical was advised by Ingleby Trice and Clifford Chance and Ares by Appley, TT&G Partners, Squarebrook and DLA.
