Japan's Mitsubishi Estate Company (MEC) has acquired a 31,500 m2 office block in London which is let to the British government.
Japan's Mitsubishi Estate Company (MEC) has acquired a 31,500 m2 office block in London which is let to the British government.
The price was not disclosed.
The 10-storey building, located at 1-19 Victoria Street, SW1, currently houses the Department for Business, Innovation and Skills and is let to the UK government until 2021 with an annual income of just under £9.2 mln.
MEC's UK managing director, Hiroyuki Arimura, said: 'This building is located in Victoria which is a key location for British civil servants because it is very close to the Houses of Parliament.
'It is a very central location, very well served by transport infrastructure. It is also an area which is currently seeing major redevelopment and attracting an array of new occupiers. For these reasons we believe the building is an excellent investment with longer term redevelopment potential.'
The acquisition marks MEC's debut in the City of Westminster, in London's West End.
Savills advised MEC.
