Hermes IM buys mixed-use tower in City of London for €168m

Hermes investment Management has bought a category A office and retail tower in the City of London for £130 mln (€168 mln).

One America Square comprises 21,400 m2 of accommodation over 14 storeys, with tenants including Wells Fargo Bank, Ageas Insurance Ltd, BMS Special Risk Services and Chubb.

The property was acquired from Blackstone, which remodelled the reception and a number of other floors during its ownership in order to attract new tenants.

Chris Taylor, head of private markets at Hermes Investment Management, said: ‘Our long-term investment strategy focuses upon those locations which will benefit from enhanced infrastructure and public realm and buildings which offer active management potential; One America Square offers considerable scope for continued income growth given its improving location and highly flexible and affordable floorspace provision.’

BNP Paribas Real Estate acted for Hermes IM, while Blackstone were advised by GM Real Estate and Knight Frank.