Hines, the international real estate firm, has teamed up with HSBC Alternative Investments Limited (HAIL) to acquire the Broadgate West office complex located in London for an undisclosed amount. The seller was a private property company owned by Peter Marano and Michael Dennis.
Hines, the international real estate firm, has teamed up with HSBC Alternative Investments Limited (HAIL) to acquire the Broadgate West office complex located in London for an undisclosed amount. The seller was a private property company owned by Peter Marano and Michael Dennis.
UK trade publication Property Week puts the purchase price at around £300 mln (EUR 384 mln) for a yield of 6%.
Insurer MetLife provided debt for the transaction which marks the first joint venture between HAIL and Hines.
The 457,000 sq ft (42,000 m2) office complex is situated on the northern edge of the Broadgate estate in the heart of the City. Broadgate West incorporates two phases which were completed in 2000 and 2003 respectively. Both buildings are fully leased to tenants including: Ashurst; GFI; Shearman & Sterling; and UBS.
The buyer was advised by Linklaters, KPMG and Colliers. The seller was advised by Clifford Chance, PWC and CBRE.
Hines UK is acting on over two million square feet of projects with a total value in excess of £1.2 bn (EUR 1.5 bn). The company’s growing London portfolio of assets under management includes city offices Cannon Place and 1 Bartholomew Lane, Mayfair’s One Grafton Street, Midtown’s 280 High Holborn and Stonecutter Court. Outside the capital, Hines UK is asset manager at Brindleyplace in Birmingham and is developing Two Snowhill in Birmingham on behalf of the Hines European Development Fund II.
