West Midlands Pension Fund has today announced that it has completed the acquisition of new London office space.
The deal, worth around £25.2m, for 51,000 sq ft of office space – spread out over ten levels – has been conducted in conjunction with ING Real Estate Investment Management.
St Andrew’s House, located in the increasingly popular Midtown district of the capital, is currently let to firms on a floor-by-floor basis.
Mike Daggett, fund manager for ING Real Estate Management, commented on the purchase.
He said: “West Midlands has a strong and diversified portfolio and is comfortable taking on asset management opportunities such as this.”
Speaking about the building itself, Mr. Daggett added: “The purchase of St. Andrew’s House adds to the fund’s existing West End holding and will enable the fund to take full advantage of the anticipated out-performance of central London offices over at least the next two or three years.”
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