Hamburg-based investor Warburg-HIH Invest Real Estate has announced the sale of a multi-let asset at 100 New Bridge Street in London for £146 mln (€205 mln).
Hamburg-based investor Warburg-HIH Invest Real Estate has announced the sale of a multi-let asset at 100 New Bridge Street in London for £146 mln (€205 mln).
The purchaser is the UK-based private investment group Alduwaliya Asset Management which acquired the building via a share deal.
Warburg-HIH bought the building in February 2010 from German open-ended property fund Degi International. It spent £110 mln (€124 mln) on the asset at the time.
Located in the western part of the City of London, 100 New Bridge Street comprises 15,540 m2 of gross lettable space. The office floor space is fully let through 2023 to the globally active solicitors of Baker & McKenzie, implying that 95% of the total rental income is secured long-term. Other tenants of the building include Boots and Pret a Manger.
The building has served as Baker & McKenzie's headquarters since its completion in 1992.
'The disposal of 100 New Bridge Street was part of a cycle-based investment strategy and came at an ideal time in the market. The desirable location of the property, coupled with scarcity of similar products in the market, resulted in a considerable profit and yielded a desirable return,' said Matthias Brodeßer, head of transaction management international at Warburg-HIH Invest.
Law firm Travers Smith acted for the seller, while property adviser Knight Frank and law firm Dentons acted for the buyer.
