Monday, 8 December 2014
Ivanhoé Cambridge acquires Stonecutter Court in London from Hines for €142 mln (UK)
Ivanhoé Cambridge announces the acquisition of Stonecutter Court, a core office asset located in Central London, from Hines Global REIT.
The 14,000 m² Grade A office property, leased principally to Deloitte as part of its Central London office campus, has been acquired for £112 mln (approx. €142 mln)
“London is one of the key European cities in which Ivanhoé Cambridge wants to build a critical mass of high-quality assets,” said Meka Brunel, Executive Vice President, Europe, Ivanhoé Cambridge. “Stonecutter Court’s location in Midtown and its overall features respond precisely to our long term investment objectives.”
Ross Blair, Senior Managing Director of Hines UK, said: “Since we acquired the asset there have been significant developments commenced in the local area which continue to improve this part of the City. We are pleased with the speed at which we were able to complete the transaction.”
DTZ represented Hines Global REIT, while CBRE and Greycoat acted for Ivanhoé Cambridge. Greycoat will be the asset manager.