Peakside Capital, a specialist European real estate private equity firm, has acquired 80 Hammersmith Road, London from Scottish Amicable Life Assurance Society.
Peakside Capital, a specialist European real estate private equity firm, has acquired 80 Hammersmith Road, London from Scottish Amicable Life Assurance Society.
The financial details of the transaction, which was carried out on behalf of Peakside Real Estate Fund I, were not disclosed.
The building is located in the heart of Hammersmith and comprises 3,800-m2 of net lettable area over six floors.
Peakside said that it will undertake an extensive reconfiguration plan. A planning application has been submitted to reposition the existing building to a Grade A office standard, with a view to leasing it out at the end of 2011.
This is the first transaction in the UK for PREF I, a pan-European opportunistic fund with a total of EUR 261 mln of capital commitments, and is in line with the fund's acquisition strategy as it offers an exceptional opportunity to carry out an active asset management programme.
Real Estate Fund Managers PRUPIM acted on behalf of Scottish Amicable and were advised by DTZ.
