Portuguese insurer Fidelidade, majority-contolled by China's Fosun, has acquired a prime mixed-use asset in London's West End from global property firm Tishman Speyer.
Financial details were not disclosed, but media reports put the deal for Smithson Plaza at around £160 mln (€177 mln).
Tishman Speyer purchased the St James property, then known as Economist Plaza, for £130 mln in 2016 from the Economist magazine, which had been in occupation since its development in the 1960s.
The landlord commenced refurbishment works in September 2017, after which the building's vacant floors were relet. It is currently 91% occupied.
Smithson Plaza is a three-building, 81,000 ft2 (7,525 m2) mixed-use estate located within the core of the St. James’s submarket. The estate comprises the 14-storey, 52,000 ft2 Smithson Tower office building, the seven-storey, 11,000 ft2 Denham Building (of which 8,500 sft2 is residential accommodation) and the five-storey Bank Building which houses 5,000 ft2 of office space. The estate also encompasses almost 13,000 ft2 of retail, gallery and restaurant space.
The Grade II*-listed complex represents the last remaining building in London by architectural duo Alison and Peter Smithson. It is also the tallest office building in St James.
Dan Nicholson, managing director of Tishman Speyer UK, said: 'The entire team at Tishman Speyer is incredibly proud of what it has achieved at Smithson Plaza – a rejuvenated home to an accomplished mix of office, retail and residential tenants.
'This sale marks a further milestone for Tishman Speyer in the London office market, a success story which began over 20 years ago.
'It also represents an important milestone for this particular fund, this being the last asset from this closed-ended vehicle to be sold and we are delighted to execute this exit as it substantially crystallises the performance of the fund, which is projected to successfully deliver its net target return to investors.'
