Tishman Speyer has announced the acquisition of the London headquarters of the UK’s Civil Aviation Authority from private investors on behalf of its fund TSEV. The financial details of the investment have not been disclosed. Farebrother acted as Tishman Speyer’s advisor on the transaction, CB Richard Ellis represented the seller.
Tishman Speyer has announced the acquisition of the London headquarters of the UK’s Civil Aviation Authority from private investors on behalf of its fund TSEV. The financial details of the investment have not been disclosed. Farebrother acted as Tishman Speyer’s advisor on the transaction, CB Richard Ellis represented the seller.
The CAA building is located on Kingsway in central London, and provides an office area of close to 20,000 m2 with 210 parking spaces. In a press release, the real estate investor said the property is fully let to the CAA, with a leasing contract expiring in December 2019. CAA’s headquarter comprises two connected office buildings of about 6,000 m2 and a 14-storey tower of around 13,000 m2 with panoramic views, Tishman Speyer said.
The head of the UK for Tishman Speyer Mark Kingston said ‘the transaction of a large freehold asset at a low capital value per square foot and off very low rents offers considerable scope to add value as rents revert to market values in the medium term.’
This acquisition adds to Tishman Speyer’s London portfolio, which includes the 17,000 m2 Class A office building Centrium; the 26-storey tower CityPoint; and the 34,323 m2 office building Peterborough Court.
Tishman Speyer is one of the leading owners, developers, and operators of first class real estate in the world. Since its founding in 1978, the company has acquired or developed a portfolio of 9.7 million m2, valued at over EUR 28 bn.
