Hermes Real Estate Investment Managers (HREIM), acting on behalf of the British Telecom Pension Scheme (BTPS), has purchased two adjoining office buildings in London for £76 mln (EUR 86 mln).
Hermes Real Estate Investment Managers (HREIM), acting on behalf of the British Telecom Pension Scheme (BTPS), has purchased two adjoining office buildings in London for £76 mln (EUR 86 mln).
The vendor of 40/50 Eastbourne Terrace in Paddington was Westlink Global Investments, a subsidiary of Malaysia's Amcorp Group Berhad.
Originally constructed in 1960, the two buildings offer 13,000 m2 and are located opposite the proposed Crossrail terminal. The largest tenant is CB&I UK, which occupies all of 40 Eastbourne Terrace.
Westlink bought the asset in September 2009 from Land Securities for £50.5 mln.
Chris Taylor, CEO of Hermes, said: 'This acquisition is consistent with our strategy of re-deploying capital from trophy-type assets by investing in more asset management intensive stock playing to our core asset management strengths.'
Franc Warwick acted for BTPS and Hoffman Partners acted for Westlink / Amcorp Group.
