AshbyCapital has sold 200 Aldersgate, the 434,000 ft² multi-let office building located near Farringdon Station, to Samsung SRA Asset Management.
AshbyCapital purchased 200 Aldersgate as its maiden investment in 2013, attracted by its considerable prospects for rental growth. During its ownership of the asset, AshbyCapital’s proactive management has succeeded in attracting new retail and office tenants, including Eat and Ford Motor Company, to fully let the building and achieve rents over €91.5 (£80) per ft². Rent reviews have also been completed on approximately 35% of the building, leading to significant rental growth. AshbyCapital has also enhanced the market-leading amenities in the building to include treatment rooms, Amazon lockers and electric car charging points, and the building was awarded a Platinum WiredScore rating after upgrading its technology infrastructure
Peter Ferrari, Chief Executive at AshbyCapital, said: “We are extremely proud of our achievements at 200 Aldersgate, which is now home to a thriving and diverse business community and is renowned as one of the City’s market-leading multi-let buildings in a rapidly improving area. Samsung SRA has a strong track record as a strategic investor in London and we are confident the building will continue to deliver strong performance under its new owner.”
Young W. Chai, Senior Managing Director at Samsung SRA said: “Samsung SRA are delighted to re-enter the London City office market after disposing of 30 Crown Place in 2016. 200 Aldersgate, a landmark office building in the revitalizing Farringdon area, offers our Global Core Office Fund #2 investors a compelling opportunity to benefit from longer-term growth prospects of London as a global gateway city. Savills IM and Samsung SRA will continue to support the building’s tenants, leveraging the relationships that AshbyCapital has established.”
Jon Crossfield, Head of Strategic Partnerships at Savills Investment Management, said: “We are delighted to be working with Samsung SRA and the transaction illustrates their continued confidence in London. The building and location already appeal to a wide range of tenants and this will only increase with the opening of Crossrail and continued mixed-use development around Farringdon, Smithfield and completion of Bart’s. We are confident this will sustain growth and present opportunity both in the short and longer term.”
Savills and CBRE acted for AshbyCapital; Savills Investment Management acted for Samsung SRA.
