European real estate investor Fore Partnership has purchased Tower Bridge Court, a 1990s-built office building situated on the south bank of the Thames, for £51 mln (€58 mln) from insurer West of England.
Fore is partnering with specialist office developer Landid to refurbish and reposition the building. The vendor, a mutual marine insurance provider, is also the main occupier of the building. Debt financing was provided by ICG Longbow.
Alongside West of England, the building is sublet to multiple tenants, on leases expiring in July 2019.
'We believe buildings of the future not only need to focus on reducing carbon output, but also must foster creativity and innovation while at the same time bring about a positive community impact,' said Basil Demeroutis, FORE partnership managing partner.'Tower Bridge Court is a perfect example of a building that can be sensitively transformed in line with this philosophy.'
'Tower Bridge Court represents a fabulous opportunity to work creatively to add real value,' said Chris Hiatt, Landid director.
Walton International and Richard Susskind acted for FORE Partnership. Savills acted for the vendor.