Luxembourg-based asset and investment specialist REInvest Asset Management has sealed the purchase of a newly-built office building at 30 Lombard Street on behalf of the DEREIF SICAV-FIS fund, invested by a major German insurance company.
Financial details were not disclosed, but the asset is said to have traded for €84 mln.
The office development was completed at the beginning of 2019 by McKay Securities and occupies a prominent location in London. The entire building is leased for 15 years to the St James's Place Wealth Management Group.
The newly developed property totals 58,585 sq ft (5,442 m2) over basement, lower ground, ground and nine upper floors for use as offices and ancillary with a terrace on 9th floor. There are 76 bicycle spaces and the building was awarded a BREEAM Excellent sustainability certificate.
‘London remains a robust and resilient market, offering good investment opportunities and very attractive purchase yields. Even the ongoing Brexit negotiations are having no noticeable effect in our segment, so we are expecting to see sustained growth,’ said Hans Stuckart, managing director of REInvest Asset Management. ‘Our excellent international network enabled us to secure this premium property. With its long-term lease and well established tenant, it fits perfectly into our investment strategy.’
