INDUSTRY NEWS

Trinova complete £27m capital office acquisition

Trinova Real Estate have completed the acquisition of offices in London, for around £27 million.

The offices, located at 155 Fenchurch Street, were sold to Trinova by the Palmer Capital Development Fund, in conjunction with Walbrook Land.

Comprising 42,805 sq ft of office space, the property also features retail amenities on the ground floor.

Situated in what has been dubbed the ‘Lloyds Triangle,’ 155 Fenchurch Street is currently multi-let to a number of firms – including Carphone Warehouse, Jardine Lloyd Thompson, Norman Butcher Jones and Eat.

The sale of the Fenchurch street property follows on from the Palmer Capital Development Fund’s decision to sell office space located in Bristol for £26.5 million.

Alex Price, chief executive at Palmer Capital, stated: ” This concludes a disposal program the fund has undertaken in 2011 to take advantage of the strong market interest for prime, well let, quality office buildings.

“We now have over £150 million available for 2012 and 2013, putting us into position to buy in a market likely to see more distress.”

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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