CLI Dartriver, the new company set up in March by Dartriver London and German firms Conren Land and Indigo Invest, has made its debut acquisition in London with the purchase of office asset Eldon House in the City.
The £40 mln (€46 mln) deal was signed with landlord UK Commercial Property REIT - a listed FTSE 250 company managed by Aberdeen Standard Investments. The acquisition price represents a 3.6% discount to the asset’s valuation as at 31 March 2020.
UK Commercial Property REIT bought the asset in 2015 for £27.8 mln. The sale follows the completion of an asset management plan which comprised a refurbishment of public spaces, as well as capturing reversionary potential by achieving full occupancy and regearing existing leases.
CLI Dartriver, led by former Great Portland Estates Neil Thompson and Ben Chambers, is aiming to build up a £1 bn (€1.15 bn) development and investment portfolio in the UK.
