A subsidiary of Ho Bee Land, the Singaporean listed company, has purchased prime office asset Ropemaker Place in London for £650 mln (€742 mln) from AXA Investment Managers - Real Assets (AXA IMRA).
AXA IM - Real Assets acquired Ropemaker place in 2013 on behalf of a joint venture comprising one European and two Asian investors.
'We invested on behalf of clients in Ropemaker Place in 2013 in anticipation of a recovery in investment and leasing activity in the City of London post the global financial crisis,' said Huw Stephens, head of UK transactions at AXA IMRA.
'We have now completed our business plan for this asset, by selling it to Ho Bee Land who will continue to benefit from its prime location in the heart of the City of London, which will be further enhanced by the opening of the Elizabeth Crossrail line later this year, its resilient income stream and its reputation as a high quality office scheme,' added Stephens.
Ropemaker Place, at 25 Ropemaker Street, EC2, was developed in 2009 and comprises 571,000 ft2 (53,000 m2) of Grade A office accommodation in addition to ground floor retail and ancillary space, for a total of 602,000 ft2.
The 21 storey building is 96% let to investment grade tenants, providing a weighted average lease term of 10.5 years to expiry.
The asset has a BREEAM Excellent sustainability rating and was the first building in the City of London to achieve a LEED Platinum pre-certification for sustainability.