CBRE Global Investors’ value add series, Europe Value Partners 2 (EVP 2) has acquired a prime office property, 280 Bishopsgate, in London. The acquisition is made in a partnership with Arax Properties.
CBRE Global Investors has paid £183 million for the prime office property in London, according to Property Week report.
The building will be comprehensively refurbished to provide Grade A offices extending to approximately 280,000 sq ft including new rooftop terracing and balconies overlooking Spitalfields, to be completed in 2021, said in CBRE GI in a press release.
280 Bishopsgate is a prime office arranged over basement, lower ground, ground and 12 upper floors. The location attracts a diverse range of tenants from the financial, professional, media and technology sectors. It benefits from excellent transport links to the underground, national rail and Crossrail, opening next year.
“This value add opportunity is in line with EVP 2’s key investment strategy of repositioning to core. The prime location and lack of Grade A space against strong occupational demand makes this a very exciting project and one we look forward to delivering in 2021” said Christina Forrest, Fund Manager, EVP 2, CBRE Global Investors.
“Arax is delighted to establish our third partnership with CBRE Global Investors, continuing our strategy of acquiring high-quality assets in core locations with strong upside potential,” added Giles Morse, UK & Ireland Partner, Arax Properties.
Savills acted for CBRE Global Investors. Cushman and Wakefield acted for the vendor.