Scottish Widows Investment Partnership has acquired an office building in London through a joint venture with GE Real Estate UK and GraceMark Investments for £26.15 mln (EUR 38.6 mln). The 4,552 m[sup]2[/sup] property is located at 12 Norwich St. and 98 Fetter La and is leased to Associated Press until the end of 2007.

Scottish Widows Investment Partnership has acquired an office building in London through a joint venture with GE Real Estate UK and GraceMark Investments for £26.15 mln (EUR 38.6 mln). The 4,552 m2 property is located at 12 Norwich St. and 98 Fetter La and is leased to Associated Press until the end of 2007.

'We have plans to refurbish this asset,' GE's managing director Mike Rowan said. The investment reflects a commitment to Central London, he added, and GE will continue to look for similar value-add opportunities in well-located office and mixed-use real estate in that district. GE Real Estate was advised in the transaction by Nelson Bakewell, while the vendor was represented by Farebrother and Lewis Ellis.