INDUSTRY NEWS

MEC buy London office block located in Westminster for £145m

Japan’s second largest property developer, Mitsubishi Estate Company (MEC), has purchased a key London office block for £145m.

The Irish Bank Resolution Corporation (IBRC) working alongside D2 Private, and Stenham Property were the two parties involved in selling the offices.

The 340,000 sq ft London office block is let to the British Government, and is 10-storeys high.

The building, known as 1-19 Victoria Street, is located in the Westminster area of London.

It is located a stones throw away from the British Parliament and is currently home to the Department for Business, Innovation and Skills.

A 55% share of the office building was owned by an Irish syndicate of 25 investors including, Sean Fitz Patrick – former chairman of the Anglo Irish Bank, and Dermot Gleeson, a barrister and former Irish government advisor as well as Deirdre Foley, CEO and co-founder of investment firm D2 Private. South African owned Stenham Property were the other sellers involved.

The deal is the one of largest to be done by IBRC, formerly known as the Anglo Irish Bank, in the last year.

MEC has previously invested in many areas of London, developing Paternoster Square near St. Paul’s Cathedral and also the mixed use Central St Giles site in Camden – a £450 million project completed back in 2010.

MEC UK managing director, Hiroyuki Armiura, said: “It is a very central location, very well served by transport infrastructure.

“It is also an area which is currently seeing major redevelopment and attracting an array of new occupiers. For these reasons we believe the building is an excellent investment with longer term redevelopment potential.

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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