The 190,000-sf building, located at 1-6 Finsbury Circus in the City of London, was originally designed by Sir Edwin Luytens and redeveloped by Greycoat in the late 1980s. It is the former London headquarters of oil giant BP and is still leased to them and to NatWest Bank. The leases expire in 2023.
"The timing of the sale reflects the investor's strategy to obtain the best possible return on the original investment, giving prudent consideration to the current market opportunities and investment cycle," says Jeremy Gates, managing director of StratREAL. "The initial acquisition philosophy was to purchase this type of asset class let to quality tenants in strategic locations. These solid fundamentals have led us to preserve the capital."
The Britannic House represents only one of a number of high-profile buildings currently up for sale. A recent report by CB Richard Ellis revealed a record euro 7.4 billion ($9.3 billion) of commercial property had been put up for sale in the city, as GlobeSt.com previously reported.
Other properties on the market include the euro 444.8-million ($560-million) Tower Place being sold by DB Real Estate and the euro 592.8-million ($747.3-million) Cutlers Gardens Estate. Agents are also marketing a euro 2.7-billion ($3.4-billion) portfolio owned by Simon Halabi, the Syrian-born tycoon.
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