SHOKAI UK has successfully acquired Friary Court, 65 Crutched Friars from Hamburg-based Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest).
The office scheme belonged to a closed-end public fund and was purchased for £65.5m (€89.9m).
The 74,309 sq ft office scheme is located in the insurance district (EC 3) adjoining the east of the City of London near the insurance market of Lloyd's of London. The property, occupied by Holman Fenwick Willan LLP on a long lease, comes with excellent public transportation links, and benefits from its proximity to numerous tourist sites such as the Tower of London and The Gherkin.
“We are very happy that the appreciation the British pound realised against the euro since the property’s acquisition until now increases our investors’ success even more,” said Andreas Schultz, managing director of Warburg-HIH Invest. “Inversely, the buyer may count on long-term security of income from the property because of the still long remaining lease term and the anticipated appreciation of the surrounding area due to several project developments.”
Cushman & Wakefield acted as advisers to SHOKAI UK with CBRE and Bilfinger GVA advising the seller.