Swiss investment foundation AFIAA has acquired an office building in London’s West End from Real IS, the property arm of German lender Bayern LB.
Financial details were not disclosed.
Purchased in the context of an asset deal, the building in 14 Tothill Street, constructed in 1916, is located in London’s Victoria sub-market and was extensively renovated and modernised in 2007.
'The newly acquired property in Tothill Street perfectly complements our portfolio in the centre of London which comprises properties in the City, Midtown, Soho and St. James’s,' said Sebastian Feix, global head of transactions at AFIAA. 'This acquisition represents another milestone in the implementation of our focused growth strategy.'
The building has seven floors and a total usable floor space of 59,892 ft2 (5,500 m2). The whole property is rented out to the administrative unit of the Lower House of the British Parliament.
The seller is Bayernfonds Grossbritannien 2, a private investor fund issued by Real IS.
'In successfully selling the building after a ten-year holding period, we have used the currently upbeat market environment and have secured an excellent overall return on capital,' said Brigitte Walter, member of the management board of Real IS.
Real IS was advised by Cushman & Wakefield who managed the property over the last ten years.
Legal advice was provided to the vendor by the law firms of Freshfields Bruckhaus Deringer in London and Heussen Rechtsanwaltsgesellschaft in Munich.