Stena Realty, the property arm of Swedish conglomerate Stena, has completed the freehold acquisitions of Holland House and Renown House at Bury Street in the City of London from a local authority pension fund managed by Aberdeen Asset Management. Financial details were not disclosed.
Stena Realty, the property arm of Swedish conglomerate Stena, has completed the freehold acquisitions of Holland House and Renown House at Bury Street in the City of London from a local authority pension fund managed by Aberdeen Asset Management. Financial details were not disclosed.
Trinova Real Estate, the London-based investment and asset manager, advised Stena on the deal, which was done off market.
Holland House, situated directly opposite the Gherkin, was designed by Dutch Architect HP Berlage and completed in 1916 to comprise 50,000 sq ft (4,650 m2) of modern multi-let office accommodation.
Renown House sits adjacent to Holland House and comprises 5,300 sq ft of modern multi-let office accommodation.
'Whilst we are disappointed to be selling what is an extremely attractive and important piece of London's architecture, this disposal will reduce the fund's exposure to Central London where it already holds a number of exciting development opportunities,' said Edward Crockett, associate director at Aberdeen Asset Management. Funds realized from this sale will be reinvested into retail warehousing and leisure investments, he added.
