Beltane acquires two City office buildings for £20 mln, London (UK)

Beltane Asset Management has acquired two City office buildings off-market, completing the acquisitions in just 15 days. Beltane, the privately-owned boutique property investment and development management business has acquired 108 Cannon Street, EC4 and Asia House, Lime Street EC3.

It purchased 108 Cannon Street for £16.35 million (approx. €19.3 million) from a private investor. The building comprises approximately 35,312 ft² (approx. 3,280 m²) over lower ground, ground and six upper floors and is let to Rabobank Nederland until 2014.

Beltane partner Duncan Roe said: “We intend to undertake a grade-A refurbishment of the building when we gain vacant possession in 2014. This provides us with the opportunity to take advantage of both the improving sentiment within the City core and the continued improvements to Cannon Street.

The vacant, 15,913 ft² (approx. 1,480 m²) Asia House, in the heart of the City’s insurance district, was bought for £3.9 million (approx. €4.59 million) from Land Securities.
Beltane Partner Jonathan Chenery said: “We have a proven track record in the City. This is our eighth acquisition in 3 years and we have an on-going requirement for opportunities across Central London.”

Beltane also own St Paul’s House EC4, 12 Mason’s Avenue EC2, 20 St Mary at Hill EC3 and 77 Queen Victoria Street EC4.

GM Real Estate acted for Beltane on 108 Cannon Street. Knight Frank represented the vendor.

Knight Frank acted for Beltane on Asia House.

Source: MJ2 Limited

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