INDUSTRY NEWS

Almacantar purchases 125 Shaftesbury Avenue, a West End London office

The property investment and development company Almacantar has purchased a major London office building in a deal said to be worth up to £110m.

The firm has agreed to buy 125 Shaftesbury Avenue, a West End based property from its previous owner, the fund manager BlackRock.

In total, the building offers around 190,000 sq ft of prime London office space as well as some shopping space, all spread across a ground floor and nine upper levels. It is located nearby the new Crossrail station and also the Royal Opera House and Covent Garden Piazza.

Almacantar investment director, Hugh Sayer, said: “125 Shaftesbury Avenue is an excellent addition to our portfolio in a part of the West End that is transforming rapidly.

“The building gives us short term income whilst offering exciting longer term development options that can capitalise on the area’s improvement.”

The property, constructed in 1982, is home to a number of major tenants, including Yahoo! Europe, Lloyds TSB and Gucci. The purchase marks the fourth such transaction in the West End by Almancantar since its launch in 2010.

BlackRock UK Property Fund portfolio manager, Justin Brown, added: “125 Shaftesbury has performed well during our ownership and we are confident this is a good deal for our investors.

“We will be looking to re-deploy the sale proceeds in core-style assets with good long-term income streams to help our pension funds and other institutional clients meet their financial goals.”

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