Macquarie Capital Principal Finance (Macquarie) said today that it has reached an agreement to sell 1-6 Tavistock Square (Tavis House), a 10-floor office building situated on the corner of Tavistock Square in Bloomsbury, London, to private equity group HIG Capital, for over £33.1 million.
The property is currently held on a long-term 78-year leasehold with Bedford Estates. Macquarie Principal Finance first acquired Tavis House in 2014, as its first commercial real estate acquisition in the UK.
The office building has had a sole tenant for the duration of Macquarie’s ownership and remains under a long-term lease agreement.
“Tavis House has been a very successful investment for us and in-line with our strategy has delivered stable capital returns and a long-term income stream – and we wish HIG Capital all the very best with the property in the future,” said Alexi Antolovich, Global Co-Head Real Estate, Macquarie Capital Principal Finance.
The Tavis House sale follows Macquarie Principal Finance team’s joint venture with Sun Hung Kai & Co and DPK Quay Limited, to acquire London’s 17 Columbus Courtyard from CWT International Limited for around £110 million in December last year.