INDUSTRY NEWS

New kid in town

The Hines pan-European core fund (HECF) has bought its first central London business property, Estates Gazette has reported.

The fund paid around £28 million for a 46-year leasehold to 15 Suffolk Street, SW1 and bought the property from Arab Investments.

Andreas Schreurs, fund manager, said he believes the purchase will offer long-term value.

"We are very pleased to have found an opportunity to enter London’s West End office market with a high-quality asset and a first-rate tenant in a true-core location," he said.

Their new building is currently let out to Fleming Family and Partners until 2022 and has more than 20,000 sq ft of office space.

Hines hopes to buy more business property and develop a "geographically diverse portfolio" across Europe.

The news comes as chief executive of the government-sponsored Thames Gateway regeneration project , Judith Armitt, is reported to have resigned, amid confusion surrounding the project.

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