City of London office investment volume reached £1.56bn in the first quarter of the year, according to Colliers International. At this quarter, 24 deals were completed in the London City offices market, the company said.
The firm notes that although City of London office investment volumes were down 25% compared to Q1 2019 (£2.1 billion), the number of deals transacted remained in line with the 25 recorded in the first quarter of last year.
Key deals in Q1 this year included Union Investment’s 50% stake in Watermark Place, the c. £140 million acquisition of Procession House also by Union Investment, and the £55 million sale of 130 Wood Street by Lum Chang to a Japanese investor.
“This quarter has been a tale of two halves. Despite the amount transacted being lower than last year’s first quarter, there was still a healthy number of deals happening as we witnessed a post-election bounce,” commented Dominic Amey, head of City Investment at Colliers International.
“Of course, by mid-March some transactions had started to pause or faulter, affecting what would have otherwise been a much stronger quarter. The second quarter will undoubtedly be quiet, but the London market has always demonstrated an ability to bounce back,” he added.