Quintain has acquired the London office building Aldermary House in a deal worth £40m before rental top-up adjustments it has confirmed.
The move for 10-15 Queen Street is the UK based property investment and development business’ first in the City office market and is in line with the firm’s shift in strategy of broadening its London interests.
Quintain has purchased the property from AFH Investment LP, a company jointly owned by Columbus UK Real Estate Fund LP and British Airways Pension Fund.
Standing ten storeys, the building is located opposite Bloomberg Place. In total, the building offers 61,990 sq ft, with 50,129 sq ft of London office space combined together with 11,861 sq ft of shops. It has been partially refurbished over the last two years.
Currently 45,339 sq ft of the office space is let out to 13 occupiers, leaving 4,790 sq ft of recently refurbished offices still available.
Quintain chief executive, Maxwell James, said: “We are delighted to have made our second acquisition for Quintain’s London Portfolio in this excellent City location.
“Our ability to actively manage the property, combined with the strength of the existing location and improvements that are underway, will deliver a strong and growing income stream, whilst providing the potential for additional value creation to the Group.”
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