Patrizia has been appointed by Far East Organization - Singapore’s largest private property developer – to carry forward the repositioning of Pinners Hall – an iconic office building in the City of London.
The partnership will see Patrizia leverage its global real assets platform to provide a one-stop-shop solution for a complete redevelop-to-core strategy.
Built in 1993, Pinners Hall commands a prime location between Liverpool Street and Bank stations - an area of the Square Mile emerging within the city core market. The building spans 110,000 ft2 across six storeys with a full height atrium.
Early-stage design proposals include enhancing the external architecture, major internal reconfiguration to maximise space and natural light, and the addition of high-quality amenities such as end-of-journey facilities, new terraces and outdoor space to promote urban greening and increased biodiversity. Pinners Hall will be targeting sustainability credentials, with a focus on minimising embodied carbon through material reuse and retention strategies.
Mahdi Mokrane, Patrizia's co-head fund management and head of fund management Real Estate, commented: 'It’s no secret that the office sector is experiencing challenges. Despite this, we see opportunities for value creation. With our real estate development expertise and strong convictions for the future of the office, we are excited to be active in this space when others are not.'
He added: 'With a growing €1.6 bn portfolio of office assets in London that we manage largely on behalf of our Asian clients, we have deep market knowledge and expertise in driving value across the full risk spectrum. And with this office redevelopment and our other recent projects in London and Continental Europe, we are driving forward our value-add strategy, which forms one of the five growth areas underpinning our mid-term strategy.'
Patrizia is nearing the completion of its major brown-to-green office redevelopment The Louise in Brussels’ city centre, which spans 24 storeys and has attracted Clifford Chance as its anchor tenant. Patrizia also recently opened its office located at 24 Endell Street in London’s Covent Garden district, delivering a complete retrofit of the 48,000 ft2 Victorian building to serve as the group’s new international hub.
Pinners Hall is the latest project in Patrizia's €2.5 bn+ pan-European value-add programme.
