Mitsui Fudosan, Stanhope acquire London tower

The European arm of Japanese property group Mitsui Fudosan and developer Stanhope have completed the purchase of the One Angel Court office tower in London from US financial services group TIAA-CREF.

Financial details were not disclosed.

The 21-storey office scheme provides 200,000 sq ft (18,580 m2) of accommodation and has planning permission for an extensive redevelopment.

'This purchase demonstrates our confidence in the City of London office market,' said Hideto Yamada, managing director of Mitsui Fudosan. 'We are looking forward to working together with the City Corporation and the Clothworkers’ Company in order to deliver a new City landmark of the highest standard.'

Mitsui Fudosan and Stanhope are currently redeveloping 8-10 Moorgate, a £90 mln eight-storey building, comprising 132,000 sq ft of prime office and complementary retail and space, as well as the £100 mln speculative office development at 70 Mark Lane, EC3, targeted for completion in Q4 2014.

The acquisition of One Angel Court follows a string of investments in Central London, including the recent purchase of Television Centre in White City.

Mitsui Fudosan and Stanhope were advised on the purchase by Strutt & Parker, CBRE acted for TIAA-CREF.

Mitsui Fudosan is the European arm of the Mitsui Fudosan Group, one of Japan's largest property companies listed on the Tokyo stock exchange.