Macquarie, Mapfre buy office building in London

Macquarie, Mapfre buys office building in London

Macquarie Asset Management and Mapfre have added a new asset to their Stable Income European Real Estate Fund – Macquarie 2 (SIEREF – Macquarie 2) portfolio.

The fund has acquired an office building at 8-10 Old Jewry in the City of London.

Originally built in 1913, the recently refurbished historic property is comprised of 57,745 sq ft of high-quality office, restaurant, and ancillary space.

Located 150 metres from the Bank of England in the heart of London’s ‘Square Mile’, the attractive building is a short distance from several underground and mainline stations including the new Elizabeth Line at Moorgate, providing excellent transport connectivity for tenants.

Featuring flexible floorplates, a large attractive reception and new end-of-trip facilities, the building is fully leased to tenants in the technology, banking and finance, professional services, and restaurant sectors.

 Mapfre is the anchor investor of this new vehicle in which it has invested 100 million euros.

Christian Goebel, Co-Head of Macquarie Asset Management’s Core/Core-Plus Real Estate strategy, said: “London maintains its reputation as one of the world’s most dynamic and resilient cities. Our team is now seeing well-priced opportunities emerge across the market, enabling us to reposition and seek to enhance the sustainability credentials of properties. This distinguished building – in the beating heart of the capital’s financial centre – represents a fantastic addition to our portfolio.”

Alfredo Muñoz, Real Estate General Manager at Mapfre, said: “This building perfectly meets the type of asset we are looking for: a high-quality, well-located property with stable income streams. Working with Macquarie, we plan to invest to improve its energy and sustainability performance, as we intend for all our investments to be socially responsible.”

The acquisition of 8-10 Jewry follows the purchase of an office building in central Berlin by the Stable Income European Real Estate Fund – Macquarie 2 (SIEREF – Macquarie 2) announced by Macquarie Asset Management and Mapfre last month.

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