CBRE Global Investors’ value add series, Europe Value Partners 2 (EVP 2), has teamed up with Arax Properties to acquire 280 Bishopsgate in the CIty of London.
The building was sold with vacant possession providing an opportunity to carry out an immediate repositioning in the established core of the City of London during a period of limited supply. It will be comprehensively refurbished to provide Grade A offices extending to approximately 280,000 sq ft including new rooftop terracing and balconies overlooking Spitalfields, to be completed in 2021.
280 Bishopsgate is a prime office arranged over basement, lower ground, ground and 12 upper floors. The location benefits from excellent transport links to the underground, national rail and Crossrail, opening next year.
'This value add opportunity is in line with EVP 2’s key investment strategy of repositioning to core. The prime location and lack of Grade A space against strong occupational demand makes this a very exciting project and one we look forward to delivering in 2021,' said Christina Forrest, fund manager, EVP 2, CBRE Global Investors.
Giles Morse, UK & Ireland Partner, Arax Properties, added: 'Arax is delighted to establish our third partnership with CBRE Global Investors, continuing our strategy of acquiring high-quality assets in core locations with strong upside potential.'
Savills acted for CBRE Global Investors. Cushman and Wakefield acted for the vendor.