Fastighets AB Balder has acquired 8 Fenchurch Place in the City of London. The deal marks the company's first purchase in London. The property comprises just over 9,000m² of a lettable area and is rented mainly to insurance and consulting companies with a remaining average term of 9 years. The investment amounts to €83.9m (£75m) and has rents of €4.9m (£4.4m). The property was comprehensively refurbished in 2012.
The asset is located next door to Fenchurch Street Station, in the heart of the financial, banking and insurance district and just a short walk from Tower Hill, Bank, Monument and Aldgate stations, as well as Tower Gateway for the DLR. The acquisition is a natural step for Balder in the diversification of the property portfolio that the company have carried out in recent years.
