Track London commercial real estate investment transactions, asset sales, and portfolio acquisitions. CRE Desk provides institutional coverage of market transactions, industry news, capital flows, prime yields, and buyer-seller profiles across London
Investment
* Hayfin has acquired 280 Bishopsgate, a 13-storey Grade A office building in the City of London near Liverpool Street station, in partnership with Capreon. The price has not been disclosed, but market sources put it at around £320m. Hayfin led the transaction * The building is fully let. It was
Investment
* LaSalle Investment Management has completed the purchase of Sedley Place, 355-361 Oxford Street, London W1, from Norges Bank Investment Management (NBIM). The price is understood to be £85m, reflecting a net initial yield of 4.72%. LaSalle is acting on behalf of the California State Teachers’ Retirement System (CalSTRS)
Investment
* The Cha family, which controls Hong Kong developer HKRI, is understood to have acquired 13 Hanover Square, W1, from Lazari Investments. The price is understood to be £91m * The building has seven storey of office space, let to serviced office provider Halkin, with a Pret A Manger and Starbucks on
Investment
* 123 Victoria Street, London SW1 — a mixed-use office and retail building comprising 244,963 sq ft, featuring a prominent 170-metre retail frontage. * Exchanged for £211 million (~£861 psf) at a net initial yield of approximately 7.8%, following an initial asking price of £265 million. Land Securities Group
Investment
* Mirae Asset Global Investments has put 20 Old Bailey back on the market through Cushman & Wakefield at a guide price of £254,100,000, reflecting a 5.75% net initial yield * The Korean institutional investor bought the freehold from Blackstone in 2018 for £340m, following a comprehensive repositioning of
Investment
* CIT Group is bringing 12 Arthur Street, a 103,827 sq ft multi-let office building in the City of London, to market with CBRE instructed as sole selling agent, at a quoting price understood to be £124.5 million. * The pricing reflects a net initial yield of approximately 5.
Investment
* The freehold of Marylebone Place at 1 Wyndham Street has been returned to the market after a restructuring of the current lease. * Vendors are TPG Angelo Gordon and Beltane Asset Management; sole tenant is Union Bancaire Privée (UBP); joint marketing advisors are CBRE and Michael Elliott. * 74,833 sq ft
Investment
* Blacksand, the Bahrain-based investment firm, has acquired the freehold of 51 Eastcheap, EC3, a 89,459 sq ft City of London office building let entirely to WeWork, for approximately £70m * Seller was a joint venture between Polus Capital Management and Greycoat, which had themselves acquired the asset out of
Investment
* KKCG Real Estate Group, the property arm of Czech billionaire Karel Komárek's investment group, has completed the acquisition of the 1 St James's Square freehold in London's West End for £291m from Hong Kong-listed Lifestyle International Holdings * Sellers were advised by JLL and
Investment
* Asset & Location: 27 Savile Row, Mayfair, London W1S 2EX (former West End Central Police Station site earmarked for comprehensive office and mixed-use redevelopment). Agreed transaction value is approximately £100 million. * Key Parties: Purchaser: BNF Capital (family office of the Perrodo family) in partnership with Morgan Real Estate. Vendor: