Canadian investor Ivanhoé Cambridge has announced the acquisition of Stonecutter Court, a core office asset located in Central London, from Hines Global REIT for £112 mln (€142 mln).
Canadian investor Ivanhoé Cambridge has announced the acquisition of Stonecutter Court, a core office asset located in Central London, from Hines Global REIT for £112 mln (€142 mln).
The 150,000 sq ft (14 000 m2) Grade A office property on Farringdon Street in the heart of London is leased principally to Deloitte as part of its Central London office campus.
The asset was bought by Hines in March 2011 from Shalati Investments Limited, a partly-owned subsidiary of Delek Global Real Estate, for around £91 mln (€104 mln), or a yield of 6.76%.
The property was completed in 1995, and in 2007 underwent an internal refurbishment to align Stonecutter Court with the aesthetics at Deloitte's nearby offices to create a unified Deloitte campus.
'London is one of the key European cities in which Ivanhoé Cambridge wants to build a critical mass of high-quality assets,' said Meka Brunel, executive vice president, Europe at Ivanhoé Cambridge, the real estate arm of Caisse de dépôt et placement du Québec.
DTZ represented Hines Global REIT, while CBRE and Greycoat acted for Ivanhoé Cambridge. Greycoat will be the asset manager.
