Hines Global REIT acquires Stonecutter Court in London (UK)

The London office of Hines, the international real estate firm, announced today that Hines Global REIT has acquired Stonecutter Court, an office complex located on a full city block on Farringdon Street in the heart of London from Shalati Investments Limited.

Stonecutter Court

The property was completed in 1995, and in 2007 underwent an internal refurbishment.

The acquisition comprises 152,829 ft² (approx. 14,200 m²) in three buildings: a 139,848-ft² office building known as Stonecutter Court that is fully leased to Deloitte, an international audit, tax, consulting and financial advisory firm, until 2019; a 9,258- ft² office building at 81 Farringdon Street that is leased as a Barristers chambers; and a 3,723- ft² public house at 80 Farringdon Street that is leased to Shepherd Neame, an English brewery/pub.

The property was completed in 1995, and in 2007 underwent an internal refurbishment to align Stonecutter Court with the esthetics at Deloitte's nearby offices to create a unified Deloitte 'campus'.

"We are pleased to expand the international presence of Hines' Global REIT with our second UK acquisition for this fund and first in London," said Hines UK Director Ross Blair. "We were attracted to Stonecutter Court by the improving infrastructure in the immediate area. We remain committed to acquiring assets with similar characteristics, and Hines UK expects to be active for this and other funds during 2011."

"Stonecutter Court is a special acquisition for Hines Global REIT because of the opportunity to invest in a quality asset in London," said Charles Hazen, President and CEO of Hines Global REIT.

"Hines Global REIT should benefit from the performance of this top-tier London office asset."

Source: Hines

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