Ropemaker Properties has bought an office block at 200 Hammersmith Road in London for £24.6 million.
Situated on the site of an old hospital, the building comprises 67,000 square feet of office space, which is currently let to seven different tenants. Since February 2008, Ropemaker has purchased over £400 million worth of property and is expected to make a further £100-150 million of investments before the end of the year.
Ropemaker Properties is the real estate arm of BP’s pension fund. Tim Hayne, head of property at the fund, said that the Hammersmith building had been purchased because it was one of the best multi-let office properties to come to the market in recent times, and that the nature of the area meant that demand was expected to stay high. BP’s pension fund currently contains more than £20 billion of assets.