Beltane buys two City buildings from ING (UK)

Beltane Asset Management has acquired two City buildings from ING for £15.14 million (approx. €17 million). This now means Beltane has purchased four Central London properties in less than a year.

Beltane, an investment and asset management company targeting opportunities in Central London and Europe was set up by Jonathan Chenery and Duncan Roe in May last year.

In 2010 Beltane bought St Paul's House and 9 Cloak Lane, both also in the City core.

Beltane's new acquisitions from ING are 20 St Mary at Hill, EC3, a 38,560-ft² self-contained vacant office building and 12/14 Mason's Avenue EC2.

12/14 Mason's Avenue includes a ground floor wine bar let to Corney and Barrow, a well known City agent haunt, and houses approximately 9,000 ft² of vacant offices above. The offices will be substantially refurbished over the next six months.

Beltane Partner Duncan Roe said: "These are quality assets in quality locations and provide us with the potential to enhance value through our brand of comprehensive asset management."

Fellow Partner Jonathan Chenery added: "We are currently pursuing a number of other City and West End potential acquisitions. We are aided in this very competitive market by ready access to funding and our straight forward reputation for closing deals quickly."

Hall Kemp acted for Beltane on the Corney and Barrow building and BNP Paribas Real Estate acted for ING. BNP Paribas advised on the acquisition of 20 St Mary at Hill, and Michael Elliot acted for the vendor.

Source: MJ2 Limited

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