INDUSTRY NEWS

Hermes purchases Chiswick Tower London office block for £56.5m

Property investment firm Hermes has bought a major London office block for £56.5 million.

The group has purchased the landmark Chiswick Tower office building from Harbert Management Corporation.

Located in Gunnersbury and adjacent to Chiswick Park, the property offers 143,000 square foot of London office space over its 18-storeys.

The office building is the base of the British Standards Institute (BSI) and it has recently seen an upgrade to its common areas and systems under the management of Canmoor Asset Management

Harbert Management Corporation (HMC) acted as advisor to Harbert European Real Estate Fund III in order to sell the property.

HMC senior managing director, Scott O’Donnell, said: “With Chiswick Tower we were able to significantly outperform our leasing expectations in terms of rental levels and timing with the building 100% occupied at disposal.

“This transaction is a good example of where experienced real estate investors can add value to buildings even in a low growth environment.”

HMC is an independent investment management firm with more than $3bn worth of assets under management.

Hermes Real Estate on the other hand, is one of the largest real estate managers in the country with a portfolio consisting of more than £5.9bn of assets under management in both the UK and also the international market.

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