Scottish Widows Investment Partnership (SWIP) has acquired a refurbished mixed-use building in the London borough of Southwark from Rockspring Property Investment Managers.
Scottish Widows Investment Partnership (SWIP) has acquired a refurbished mixed-use building in the London borough of Southwark from Rockspring Property Investment Managers.
SWIP purchased the Harlequin Building on behalf of the HIFML UK Property Fund in an off-market transaction for £40 mln (almost €48 mln). Rockspring acted as vendor on behalf of its Rockspring UK Value Fund.
Located at 65 Southwark Street, the property was acquired in February 2010 by Rockspring and its development partner, Moorevale. The partners subsequently undertook a substantial refurbishment and extension of the Harlequin Building to create 4,650 m2 of Grade A, BREEAM 'Excellent' office and retail space.
Completed in Q4 2012, Harlequin is let to Zoopla, Maris, World Trade and Travel Centre, ATG Media and Itsu. The first floor remains vacant.
Rockspring was advised by Jones Lang LaSalle and SWIP was represented by H2SO and Forsters.
