INDUSTRY NEWS

Saudi investor purchases £80m London offices

Saudi Arabian group, Manafea Holding Co. has completed the acquisition of offices in London from real estate firm Warburg-Henderson.

The two parties have agreed a deal worth in excess of £80 million for the property located at 3 Bunhill Row in central London.

Originally developed by property developer Helical Bar, the building is made up of 101,516 sq ft of office space over nine floors. It is currently occupied by global law firm Linklaters and has the rare benefit of providing a steady revenue stream – which is expected to last 19 years.

Trowers & Hamlins will move into the building next year – which will act as its global headquarters.

The building at 3 Bunhill Row currently has an income value of just under £4.5 million per year, which when broken down represents a rental value of £44.30 per sq ft.

Previous owners Warburg-Henderson originally purchased the office building back in July of 2006, for a fee of around £82.6 million.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

Leave a Reply

Your email address will not be published.