10 April 2017
London
Reporter: Theo Andrew

London’s Warwick Building sells for £56.6 million


Axa Investment Management (IM) - Real Assets has acquired the Warwick build in London, on behalf of its AXA CoRE Europe Fund, for £56.6 million

The 79,506-square foot fully-let office building was sold by Legal & General on behalf of its Bishopsgate Long Term Property Unit Trust.

Located within Kensington Village, next to Battersea Park, the Victorian warehouse comprises five storeys with planning permission to develop two more, potentially adding 25 residential units.

The property sits a six-minute walk from underground and overground stations, and around 10 minutes from the major stations of Paddington, Victoria and Clapham Junction.

Huw Stephens, head of UK transactions at AXA IM - Real Assets, said: “The fully-let Warwick Building is a distinctive and highly appealing property which is part of a landmark scheme in a popular, affluent and extremely well connected area of London.”

He added: “AXA IM - Real Assets remains committed to substantial UK property investment and this acquisition is further evidence of the long-term attraction of London.”

Will Edwards, senior fund manager of the Bishopsgate Long Term Property Unit Trust, said: “The successful execution of our business plan for this property, realised through the positive settlement of the 2016 rent review, coupled with the subsequent sale, are testament to the skill of our asset management platform and these initiatives have enabled us to deliver strong returns for our client.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BMO adds nine assets to UK portfolio
23 October 2017 | London | Reporter: Theo Andrew
The properties are spread across the office (35.9 percent), industrial (34.5 percent), retail warehousing (22.5 percent) and retail sectors (7.1 percent), reflecting an initial yield of 4.8 percent
Kennedy Wilson Holdings completes $8 billion merger with European arm
20 October 2017 | California | Reporter: Theo Andrew
The $1.98 billion (£1.5 billion) deal equated to an offer of $15.49 (£11.74) per KWE share, a 20 percent premium on the $12.91 (£9.79) per share closing price on 21 April
Aviva acquires Bristol redevelopment
20 October 2017 | Bristol | Reporter: Becky Butcher
Aviva Investors has purchased the first phase of a redevelopment business park in Bristol for £30 million
Coyote names Rob Bould as non-executive director
19 October 2017 | London | Reporter: Theo Andrew
Rob Bould, who has 40 years of real estate experience, will help grow the data platform, which will track, manage and report the performance of real estate assets in real-time
Hammerson expands flagship Parisian shopping centre
19 October 2017 | Paris | Reporter: Theo Andrew
The 11,000-square metre property adjoins its Les Trois Fontaines centre, the firm’s recently refurbished flagship asset in Paris
SELF II reaches €500 million on third close
19 October 2017 | Paris | Reporter: Theo Andrew
The pan-European debt fund achieved the equity through institutional investors from France, Germany and Italy
Encore+ adds Dutch office for €50 million
18 October 2017 | Eindhoven | Reporter: Theo Andrew
The the pan-European open ended core-plus fund is co-managed by Aviva Investors and LaSalle IM, as fund manager and asset and transition manager, respectively