INDUSTRY NEWS

Grosvenor Fund Management purchases City of London office building

Grosvenor Fund Management has snapped up a London office building for a reported £68m.

The group has acquired Fleet Place House in the City of London financial district on behalf of its Grosvenor London Office Fund (GLOF) from German family trust AM Alpha.

The building offers around 92,000 sq ft property compromises of 87,000 sq ft of London office space, with two retail units at street level also part of the premises.

Based on Holburn Viaduct, it currently has tenants including Korean technology firm Samsung and multinational telecommunications firm BT.

Grosvenor Fund Management director, Scott Rowland, said: “This is a fantastic acquisition for the Grosvenor London Office Fund portfolio.

“Fleet Place House is in a great location which we expect to benefit from future growth fuelled by continued infrastructure investments and strong tenant demand, delivering attractive risk adjusted returns for our investors.”

The Grosvenor London Office Fund was set up in 1999 with the purpose of investing in high quality central London office buildings. At present it owns four assets on behalf of four investors.

Grosvenor Fund Management is part of the Grosvenor group, it operates from a number of offices across the globe including offices based in Europe, Asia and the US.

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