Private investment firm GI Partners has joined forces with Rowan Asset Management and Boston-based Taurus Investment Holdings to buy Aldwych House in Central London for nearly £83 mln (EUR 98 mln).
Private investment firm GI Partners has joined forces with Rowan Asset Management and Boston-based Taurus Investment Holdings to buy Aldwych House in Central London for nearly £83 mln (EUR 98 mln).
The purchase of the 163,000 sq ft (15,000 m2) office building located in the heart of London's Midtown office district was funded with capital from GI Partners Fund III with investments coming from Rowan and Taurus Investment Holdings, as well as debt finance provided by Nationwide Building Society.
Built in 1926 and last renovated in 1988, Aldwych House is currently 89%-let to 11 tenants over 10 floors. Rowan will act as asset manager and oversee a major refurbishment planned for the building.
'We believe there is potential for significant upside as the building is let at below market rents,' said Brad Altberger, managing director of GI Partners. 'GI Partners is also actively seeking similar acquisition targets which require intensive asset management and we have a significant amount of dry powder in our $1.9 bn Fund III to execute this strategy.'
Fineman Ross acted for the purchaser while Strutt and Parker acted for the vendor.
