UK asset mnager Hermes Real Estate has acquired the 18-storey Chiswick Tower in the west of London.
UK asset mnager Hermes Real Estate has acquired the 18-storey Chiswick Tower in the west of London.
The investment volume for the corporate transaction was £56.5 mln (€66 mln).
The vendor was Harbert Management Corporation (Europe), acting as advisor to Harbert European Real Estate Fund III.
The property consists 13,300 m2 multi-let office space in Chiswick, W4. At the time of acquisition, the property had a weighted average unexpired lease term of 4.8 years.
As part of the business plan the lease with the main tenant, the British Standards Institution (BSI), was re-geared to a 15-year fixed term with the landlord taking back some underutilised space creating an overall vacancy rate of 17%.
The property then underwent a capital expenditure programme, managed by Canmoor Asset Management, to upgrade the common areas and systems within the building in order to upgrade the premises to modern standards and improve its attractiveness to third-party tenants.
Hermes has some €6 bn of real estate assets under management. Harbert Management Corporation is an alternative asset investment management firm with $3 bn of assets under management.
