Private investment firm, GI Partners, has completed the acquisition of offices in London with partner Rowan Asset Management.
The two firms have purchased Aldwych House for a fee thought to be Â£82.7 million. The purchase of the property has largely been funded by GI Partners with Rowan and Taurus Investment Holdings also providing funds and Nationwide Building Society providing debt finance.
Originally constructed in 1926, Aldwych House is currently occupied – on a let basis – to 11 tenants across the building’s ten floors.
Rowan have been installed as asset managers and will oversee a considerable renovation of the property.
Managing Director of GI Partners, Brad Altberger, commented on the acquisition.
He said: “Aldwych House is an excellent opportunity for us to invest in a high quality asset in the central London office market. Purchasing Aldwych House at just over Â£500 per sq ft, we think the downside is well protected.
“In addition, we believe there is potential for significant upside as the building is let at below market rents. GI Partners is also actively seeking similar acquisition targets which require intensive asset management and we have a significant amount of dry powder in our $1.9 billion Fund III to execute this strategy,” Mr Altberger finished.
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