Swiss real estate investment foundation AFIAA has acquired the Schomberg House scheme in London’s West End and sold an office building in Edinburgh for £28.5 mln (€32 mln).
The Schomberg House was acquired in a share deal with PGIM Real Estate, the property investment manager of Prudential Financial, acting on behalf of institutional investors.
The purchase price is being kept confidential.
The asset located at Pall Mall 80 - 82 offers around 3,500 m2 of rental space built in 1956. It was renovated comprehensively in 2007.
In addition, AFIAA has sold the Quartermile 2 office building in Edinburgh to UBS Real Estate for around £28.5 mln (€32 mln).
'With the purchase of Schomberg House and the sale of Quartermile, we are moving forward with our focused growth strategy,' commented Ingo Bofinger, CEO at AFIAA. 'What is more, we have again demonstrated our ability to successfully carry out off-market transactions for our portfolio. We succeeded in reinvesting the proceeds from a property in Edinburgh which was no longer in line with strategy in the same currency area within a very short period of time.'
Established in 2004, AFIAA has offices in Zurich as well as in New York and Sydney and manages CHF 1.7 bn (€1.4 bn) of assets. Its products are intended exclusively for tax-exempt pension funds in accordance to Swiss law.
