INDUSTRY NEWS

NTT Urban Development acquires 265 Strand London office block for £77

NTT Urban Development has purchased a prime London office building for a reported £77m.

The subsidiary of Japanese telecom firm Nippon Telephone Corporation has agreed to buy 265 Strand from German fund manager MPC Capital.

Offering 113,000 sq ft of London office space across a basement floor and eight floors above ground, MPC Capital initially purchased the building in 2005 from fellow German fund Commerz Grundbesitz Investmentgesellschaft.

The area around 265 Strand is home to a number of law firms, media companies and IT firms.

NTT Urban Development Corporation’s parent company Nippon Telegraph and Telephone Corporation is one of the largest telecom firms in the world.

This latest acquisition marks the third major deal the Japanese giant has made in the last three years. The firm purchased Rothchild’s London headquarters at 1 King William Street for £67.5m in June 2011 and also acquired 20 Finsbury Circus in September 2012 for £42.9m, purchasing the property from the City of London Corporation.

None of the parties involved have commented on the deal, although in a press release NTT Urban Development Corporation stated the firm: “Will continue to invest in properties to stabilise its earnings in the U.K., aiming to develop and expand its international business operations.”

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