European property developer HB Reavis has announced the sale of its £120 mln (€135 mln) 20 Farringdon Street office scheme to a private investor and reaffirmed its commitment to the London market with the acquisition of a new commercial redevelopment project in Shoreditch.
Bought back in 2014 in the company’s second acquisition in the UK capital, the Farringdon development site has been redeveloped into a brand-new 12 storey office building totaling 75,000 sq ft (7,000 m2). It is fully-leased to occupiers including HB Reavis’ own co-work concept HubHub, as well as The Berkeley Partnership and TMF Group.
The sale is estimated to be worth over £120 mln, representing the largest London office sale closed since lockdown.
HB Reavis’ acquisition in Shoreditch involves the Quick & Tower House redevelopment. Construction work for the 135,000 sq ft (12,500 m2) scheme is earmarked to commence in early 2021. Financial details were not disclosed.
