AXA Investment Managers – Real Assets and Blackrock Real Estate have sold a prime development in the City of London for around £220 mln (€281 mln).
The 50:50 joint venture acquired the site at 6 Bevis Marks in 2011 and built the 15-storey building as a speculative development with no pre-let tenants. It comprises 16,200 m2 of office, retail and ancillary accommodation as well as a private roof garden.
The buyer is a private client of Citi Private Bank, AXA IM said. Cushman and Wakefield and JLL acted for the sellers.
Huw Stephens, head of UK transactions at AXA IM – Real Assets, said: 'The building is now almost fully let and we have been able to complete an exit of what is now a trophy asset at an attractive price which provides a strong return for our clients.'
Liam Le Roux, of Blackrock’s UK Real Estate business, added: 'Our ability to achieve an attractive price, despite some market uncertainty in the lead-up to the UK referendum, speaks volumes for the quality of the building and of its tenants. The UK is an important strategic market and we are actively pursuing new value add opportunities across a number of sectors.'
AXA IM – Real Assets has executed more than £6.8 bn of transactions in the London market since 2009, including the acquisition of 22 Bishopsgate on behalf of a consortium of international investors and the Asticus Building in Victoria. Blackrock Real Estate has completed a number of dispositions in the UK recently, including Moorgate Exchange and Exchange Tower.
