INDUSTRY NEWS

M1 buys Art Deco offices

The Lebanese group M1 Real Estate has purchased a 300,000 square foot property in Bloomsbury Square, from the Ireland-based Moritz Group. The £175 million acquisition is the largest deal relating to office space in the West End for over two years.

Victoria House consists of prime London office space, as well as retail and leisure areas. It was built in 1929. In 2003 the Garbe Group spent £50 million refurbishing it and turning it into grade A office space.

The building is more than half let to government-backed tenants already, for an average of almost 10 years. The CEO of M1 Real Estate commented, ‘Victoria House sits perfectly within our strategy to build upon our portfolio of prime assets in major cities around the world.’ The group have recently acquired a number of income-generating London properties, including 20 Columbus Courtyard, which forms part of Credit Suisse’s UK Headquarters.

 

Image: David Hawgood