Schroder Real Estate has bought an office and retail building in the City of London on behalf of a Swiss-led joint venture for €187.5 mln (€244.2 mln).
Schroder Real Estate has bought an office and retail building in the City of London on behalf of a Swiss-led joint venture for €187.5 mln (€244.2 mln).
The property at 55 Bishopsgate comprises 18,000 m2 of space let to eight tenants including Aon Insurance, Amalgamated Metal Corporation, Pret a Manger and Fitness First.
Schroders said it acquired the building from Canada Pension Plan Investment Board (CPPIB) on behalf of a joint venture between Immobilien Europa Direkt, a Swiss pan-European fund managed by Schroders, and a strategic partner.
Duncan Owen, global head of real estate at Schroders, said: ‘The strategy is to undertake a refurbishment in order to take advantage of a strong occupier market. The property is also situated within the City of London’s ‘Tower Cluster’ and as such offers a medium-term opportunity for redevelopment.’
CPPIB tried to dispose of the asset in May last year to Chinese fund Minsheng Investment, but the Shanghai-based company failed to obtain investment committee approval.
Schroders was advised on the deal by Strutt & Parker and King Wood Malleson, while TH Real Estate, CBRE and Norton Rose Fulbright acted for the seller.
