Tristan’s Episo3 fund has bought a Grade A office building with a top sustainability rating located near the O2 on Greenwich Peninsular in South East London for £34 mln (€41 mln).
Tristan’s Episo3 fund has bought a Grade A office building with a top sustainability rating located near the O2 on Greenwich Peninsular in South East London for £34 mln (€41 mln).
European Property Investors Special Opportunities 3 (EPISO3) acquired the 124,000 sq ft (11,500 m2) building at Mitre Passage from a joint venture between Lend Lease and Quintain Estates & Development.
The property, which was completed in 2009 and has a BREEAM Excellent sustainability rating, is currently 50% occupied by five tenants including the London Borough of Greenwich, Huawei and Knight Dragon.
'The financial crisis stifled the development pipeline of Grade A space in London, leaving cost-conscious tenants with space requirements looking to emerging sub-markets with excellent transport links to the rest of London,' said Peter Mather, managing director of investments at Tristan Capital Partners.
He added: 'In keeping with the strategy of the Episo3 fund, this investment presents us with an opportunity to lease up a Grade A office building at very competitive rental levels at a time when space of this quality is in short supply.'