Alternative lender Investec Structured Property Finance has provided a South African investor with a senior loan to support the £107 mln (€121 mln) acquisition of a City of London office building.
The investor, represented by Pembrey Asset Management, has purchased One Bartholomew Lane from Hines UK, operating as asset manager on behalf of a sovereign wealth fund.
'This purchase emphasises the continued attraction of investing in London, where wealth preservation is the underlying strategy,' said Adam Jaffe at Investec Structured Property Finance.
'Despite economic and political uncertainty, we believe that demand for well-located London real estate will remain resilient in 2019. With a 25 year track record of supporting both domestic and international buyers with investment and development funding solutions, we are well placed to meet this anticipated demand,' Jaffe added.
The Grade A office building, redeveloped in 2010 behind an historic façade, comprises 79,838 ft2 (7,420 m2) over 13 floors and is fully let to 11 tenants, a mix of technology and financial services companies, with a weighted average lease of four and a half years to expiry.
BNP Paribas Real Estate acted on behalf of Pembrey Asset Management and CBRE acted on behalf of Hines.
