Friday, 14 November 2014
Beltane JV acquires 55 Gresham Street From Topland (UK)
Beltane Asset Management in a joint venture with Angelo, Gordon & Co has acquired 55 Gresham Street, EC2 from Topland. This acquisition represents the third deal the groups have done together in the last 18 months.
The terms of the deal which completed today were not disclosed but it is understood the price agreed was in excess of £40 million (€50 mln).
The JV has acquired the long leasehold interest in the building which was granted through a 125 years headlease from the City Corporation.
The 84,800 ft² (7,803 m²) building, originally developed by Land Securities in 1991, is let to the Association of British Insurers on a 25-year lease expiring in March 2016.
It is understood that Beltane and Angelo Gordon plan a comprehensive refurbishment for the building and are exploring options with the City.
Beltane co-founding partner Duncan Roe said: “We are very pleased to have acquired this well-located building with Angelo Gordon. This transaction follows our JV’s investment philosophy of purchasing assets that create true core product at stabilization.”
Strutt & Parker advised Topland while JLL represented Angelo, Gordon & Co and Beltane Asset Management.