UK-based investment management company Royal London Asset Management has purchased 25 Soho Square from Aviva Investors for £75.35 mln (€87 mln).
The asset is described as a 'rare garden square freehold' and is located in Soho, close to the Elizabeth Line station at Tottenham Court Road.
'25 Soho Square perfectly fits our strategy of buying best-in-class buildings in prominent central London locations,' said Keith Miller, senior fund manager and head of offices, Royal London Asset Management (RLAM).
'Occupier demand for Soho is strong as evidenced by the leasing success at our redevelopment of 6 Warwick Street at rents in excess of £100 per square foot. Our outlook for the market remains positive and we believe Soho will continue to outperform,' Miller added.
The 44,000 ft2 Grade A office building was refurbished and extended in 2012 by architect Buckley Gray Yeoman, and provides terraces on five of the floors. The asset is multi-let to five tenants, including Palantir Technologies.
David Diemer, Head of UK Balanced Funds (Aviva), commented:‘Since acquiring 25 Soho Square in 2010, we have undertaken a number of asset management initiatives, including a comprehensive refurbishment to produce a best-in-class office building.
Having delivered on our business plan, we decided that this is the appropriate time in both the asset and the market cycle to exit, crystallising the significant value uplift created over our hold period. We will continue to focus our investment strategy in our target locations where we believe we have the opportunity to add value on behalf of our investors.’
CBRE advised RLAM and JLL acted for Aviva Investors.
