The London office of Hines has announced that the Hines Pan-European Core Fund (HECF) has acquired from Arab Investments its first asset in the London office market a prime West End office building located at 15 Suffolk Street in St. James. The period building is fully leased to boutique investment manager Fleming Family and Partners for a fixed term until 2022. Arab Investments was advised by King Sturge, and Hines represented itself in the transaction. Financials of the deal were not disclosed.
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15 Suffolk Street in London.
Constructed in the mid 1950s with a façade based upon its original 19th century design and recently refurbished, the building comprises 1,960 m² over six levels.
"We are very pleased to have found an opportunity to enter London's West End office market with a high-quality asset and a first-rate tenant in a true-core location all of which we believe guarantee the long-term value of the asset," said HECF's fund manager Andreas Schreurs.
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP), managed by Hines, with the objective to acquire a geographically diverse portfolio of core buildings with commercial uses across Europe.
In the UK, Hines has a total of 260,225 m² of projects completed and in the pipeline. Current projects include landmark development and investments such as: Fort Halstead in Kent; Hyde Park Hayes near Heathrow; the Scottish Power site in Edinburgh; and in London, the Cannon Place redevelopment; Chichester House; No 1 Grafton Street; and Gartmore House.
Source: Hines
