UBS Asset Management's Global Real Estate (GRE) business has completed the acquisition of India House, a corner office asset on London's Southbank, from LaSalle Investment Management for £28.4 mln (€34 mln).
Located on Curlew Street, in the heart of the Butler's Wharf area of Southbank, India House is a 3,530 m2 office development that was fully refurbished in 2000, transforming what was a former spice warehouse into an open-plan office scheme. Fully let to six tenants, the property is spread across six floors and comprises a newly renovated reception area, flexible floor plates and on-site showering facilities.
India House is close to Tower Bridge and the More London development, and just a 10 minutes' walk from London Bridge station.
Shaun Reed, national director at LaSalle Investment Management, said: 'India House has outperformed both the IPD Index and the wider City office market, as a result of the proactive asset management programme we adopted which featured refurbishments, new lettings, renewals and rent reviews. It is now a high-quality, multi-let asset on the Southbank, which is a part of London that has benefited from significant regeneration and improved transport connections making it an increasingly popular and vibrant business hub.'
Reed added that LaSalle received strong interest from several investors including institutional funds, property companies and overseas investors when India House was put on the market.
LaSalle was advised by John Miles and Company. CBRE advised UBS AM.