INDUSTRY NEWS

Joint venture snaps up Aldgate House London office building for £100m

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Hermes Real Estate Investment Management and its joint venture partner Canada Pension Plan Investment Board (CPPIB) have purchased a major London office development for £100m.

The pair have snapped up Aldgate House from clients of Orchard Street Investment Management.

Located on Aldgate High Street, Aldgate House is a multi-let property offering 214,000 sq ft of office space in EC3.

Hermes Real Estate Investment Management Limited CEO, Chris Taylor, said: “The acquisition of Aldgate House as part of our joint venture with CPPIB marks a significant first step in our partnership’s strategy of increasing the size of the portfolio of value-add assets.

“We have an excellent performance track record across our portfolios, both here in London and increasingly on a global basis.

“We are anticipating further selective expansion of the partnership with the aim of capitalising upon the robust economic drivers which we observe across the Central London market.”

Hermes Real Estate Investment Management teamed up with CPPIB in July of this year, and this deal marks the pairs first acquisition.

Current tenants at Aldgate House include, Reuters, ISG and Thomson.

CPPIB managing director and head of real estate investments Europe, Wenzel Hoberg, added: “We are delighted to secure our first transaction alongside Hermes Real Estate having set up the joint venture this summer.

“This acquisition complements our existing London office portfolio and highlights our desire to grow the partnership with Hermes Real Estate as we continue to execute on our strategy of acquiring high-quality properties.”

By: Kirsty MacGregor

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

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