INDUSTRY NEWS

Almacantar completes £100m London office acquisitions

Property investment and development company, Almacantar has revealed that it has completed a deal to acquire new offices in London.

Almacantar has exchanged contracts with Tishman Speyer for CAA House and 1 Kemble Street – both large, interconnected office buildings – in a deal thought to be worth £100 million.

Both of the properties are currently leased to the Civil Aviation Authority  – with the deal set to expire in 2019.

Chief executive at Almacantar, Mike Hussey, spoke enthusiastically about the acquisition.

He said: “We are delighted to have acquired CAA House and 1 Kemble Street. The properties are a good fit for our portfolio, extending the timeline for our value-add activities to 2020.

“It is a location that we expect to perform strongly given its proximity to Covent Garden and the restricted supply of office space in the West End,” Mr Hussey added.

Managing director at Tishman Speyer, Julian Stocks, also commented on the deal, stating: “We are very pleased to have sold this asset to Almacantar. The funds released will be put to work on our exciting development projects which are underway in Paris and Frankfurt.”

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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