UK private equity firm Moorfield has sold The Shipping Building at The Old Vinyl Factory development in west London, for £29 mln (€32 mln).
The buyer was Floreat Real Estate, actng for its Real Assets (RA) Global Opportunity Fund I. Moorfield completed the sale on behalf of its Real Estate Fund III (MREF III).
The Shipping Building is an Art Deco office building of 99,990 sq ft (9,300 m2) over ground and six upper floors. The property is multi-let to seven office occupiers, including Central Research Laboratory, Kingston Smith, Sonos and Sita Information Networking Computing. There are also 273 parking spaces.
The Shipping Building forms an integral part of The Old Vinyl Factory development, one of west London’s most significant regeneration schemes. The £250 mln regeneration of The Old Vinyl Factory, when complete, will comprise 642 residential units, 550,000 sq ft of office accommodation, a variety of restaurants and shops, a four-screen cinema complex, and a live music venue.
Commenting on the disposal on behalf of MREFIII, Charles Ferguson-Davie, Chief Investment Officer, Moorfield, said: 'We targeted Hayes as an investment location because of the impending arrival of Crossrail, and in particular the Old Vinyl Factory because of the ongoing mixed-use regeneration of the surrounding local area. We have sold the Shipping Building earlier than we originally intended and are pleased with our asset management achievements that helped to reposition the property.'
Moorfield was advised by Savills, while Floreat was represented by Fineman Ross.
