A private client of the National Bank of Kuwait has acquired an office in London for £73.8 mln (€86 mln) from global investment manager AXA Investment Managers - Real Assets (AXA IMRA).
AXA IMRA said it completed the disposal on behalf of its first pan-European value-added venture (PEVAV I).
'This acquisition demonstrates sustained appetite by Middle Eastern investors for high quality, income-producing commercial real estate in core locations across Central London,' commented Bassam Khazen, manager of commercial real estate investments for the National Bank of Kuwait.
The 58,517 ft2 (5,400 m2) freehold Grade-A office building in Holborn, situated at 20 St Andrew Street, was originally acquired in February 2015 and has since undergone a significant refurbishment overseen by Morgan Capital Partners.
The work has upgraded the ten-storey property to a Grade-A BREEAM Very Good standard and attracted new tenants, bringing occupancy to eight firms, AXA IMRA said.
Ian Chappell, head of value add and development funds at AXA IMRA commented: 'We invested into this asset with a compelling business plan and it is with great satisfaction to have seen this successfully executed, allowing us to crystallise the value generated for our clients.
'We look forward to continuing this value-creation strategy on behalf of our clients in PEVAV II, our second value-added venture.'
