INDUSTRY NEWS

Ashby Capital set to snap up City of London office block for £230m

New reports suggest Ashby Capital is in talks to buy a major City of London office block for £230 million in its property investment debut.

The London-based real investment firm is set to buy 200 Aldersgate in the capital’s financial district from Deutsche Pfandbriefbank.

Ashby Capital has agreed to pay more than the £220m asking price of the 434,005 sq ft London office property. The investment by the real estate investment management company will be its first major acquisition as it was only founded a couple of months back, in June, by former Heron International MD Peter Ferrari.

Ferrari also spent nine years at the listed property company, London & Edinburgh Trust, working on a number of projects across property sectors in the UK and across Europe. He joined Heron International in 1995 as Director of acquisitions and development before being appointed as managing director in 2009.

Ashby Capital is backed by a Saudi investor who is reportedly looking to invest more than £1.5bn into various London real estate opportunities over the next five years.

Speaking at the time, Ashby Capital chief executive, Peter Ferrari, said: “The opportunity to target, acquire and actively manage a significant portfolio of investments in prime Central London is extremely exciting. London is the world’s most actively traded property market there are many exciting opportunities.”

200 Aldergate was recently refurbished by  Helical Bar in 2011 and in May it became fully let. Current tenants include the likes of Thomas Cook Group, FTI Consulting and Phillips 66  and last month, Citizens Advice also announced it will move from its current London office on Pentonville Road to 22,000 sq ft of office space at the development.

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