London office-focused investor Brockton Everlast has acquired an office property in the Shoreditch area of the capital for £106 mln (€117 mln) from a private investor.
The off-market transaction for Telephone House, a 124,000 ft2 multi-let asset situated off Old Street, was executed in partnership with asset manager Quoinstone Investment Management.
The building is fully let to a mix of technology, media and fashion companies, with ladieswear brand Karen Millen occupying around 17%. The rent is around £4.7 mln per year, equating to £38 per ft2, marking the asset as ripe for repositioning.
Brockton Everlast is a real estate investment company formed in 2018 focusing on the office sector in the London Metropolitan area.
Its partner in the deal, QuoinStone, was also established last year, with plans to build a £1 bn property portfolio across the country, with a focus on value-add opportunities.
QuoinStone's first domestic mandate was the asset management of Telephone House.
According to media reports, the deal brings Brockton's spending this year to around £520 mln. In March of this year, the investor swooped on the four buildings comprising the Devonshire Quarter in London from Madison International Realty, paying £95 mln for the redevelopment opportunity.