Private equity firm Madison International Realty has sold an office in the City of London.
Northwood Investors, a global real estate investment company, was the buyer.
Financial details were not disclosed, but the price paid has been reported to be €200 mln.
Named Five Acre Square, the property comprises 20,810 m2. Since 2014, Madison has extensively refurbished the lobby and public areas, added more bike storage, lockers and showers. The asset has full occupancy, with a WALT of eight and a half years and features significant long term redevelopment opportunities.
Welcoming the deal, Alex Lukesch, of Madison, said: ‘The sale of this asset follows the completion of our asset management business plan, having repositioned the building and achieved full occupancy with two lettings in the last six months.
‘With this and the other sales we have fully exited our Houndsditch portfolio. This transaction has allowed us to crystalize value, while at the same time passing onto Northwood a high quality core asset that also offers them the opportunity to undertake a significant development in the medium term.’
Last year, Madison recently sold the neighboring Devonshire Quarter property to Brockton Everlast, as part of a portfolio of five Houndsditch Estate properties.
Madison was advised in the transaction by CBRE and the buyer by JLL.
