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.”

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