Spanish investment firm Metroinvest has acquired an office building in the City of London from an unnamed seller for around EUR 48 mln. The 55 Moorgate property provides around 6,200 m[sup]2[/sup] of space across eight floors and is leased to BNP Paribas with a nine-year rental agreement.
Spanish investment firm Metroinvest has acquired an office building in the City of London from an unnamed seller for around EUR 48 mln. The 55 Moorgate property provides around 6,200 m2 of space across eight floors and is leased to BNP Paribas with a nine-year rental agreement.
The asset is the second acquired by Metroinvest in London this year, following the EUR 22 mln acquisition in January of an office building at Finnsbury Square in the City from IVG. Metroinvest has so far invested around EUR 200 mln in the purchase of six office properties located in Madrid, London, Dusseldorf and Frankfurt.
The company, which is headed by CEO Josep Maria Xercavins, is owned by Grupo Metrópolis and clients of the private banking arm of La Caixa.
According to reports in Spanish newspapers, the fund is targeting further investments of EUR 300 mln in the office sector, and has therefore extended its investment period by one year until 2011 to take advantage of a fall in the value of office properties.
