GE Real Estate UK, in a joint venture partnership with GraceMark Investments, has acquired an office building in London's Midtown for approx. €36 million (£26.15 mln) from clients of Scottish Widows Investment Partnership.
The building is located at 12 Norwich Street and 98 Fetter Lane, EC4 and totals 4,555 m². The building is let to Associated Press until December 2007 and offers substantial refurbishment opportunities.
This is GE Real Estate's fourth deal with GraceMark Investments, who has been appointed incentivised manager. Previous successful deals have included 52 Conduit Street, 80 Pall Mall and Telford House on Tothill Street.
Mike Rowan, Managing Director of GE Real Estate, commented, "We have exciting plans to refurbish this asset including repositioning the entrance, new services and new lifts. We are committed to expanding our presence in Central London and are continuing to look for similar value-add opportunities in well located office and mixed-use assets."
Anthony Pell of GraceMark, commented, "We are very pleased to have concluded our fourth transaction with GE in 3 years. We have developed a very successful model that draws on our specialist real estate skills combined with GE's capital to deliver new space to the London occupational market."
GE Real Estate was advised by Nelson Bakewell, Scottish Widows Investment Partnership was represented by Farebrother and Lewis Ellis.