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The Asticus Building in London.
IVG Immobilien AG has announced that it has completed the sale of the Asticus Building in London, better known as Caxton Hall, to Scottish Widows Investment Partnership (SWIP) on behalf of the SWIP Property Trust. Caxton Hall was sold for the amount of £73.3 million (€109 mln).
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IVG acquired Caxton Hall in mid 2004 just at the beginning of the upturn in the London West End area. One part of the building was immediately sold on for residential development, the office building with a lettable area of about 5,277 m² was cleared to allow for redevelopment. In 2005 and 2006, IVG successfully completed the redevelopment in August 2006 on time. Today, the building is successfully multi-let to six tenants: Chevron, Dubai International Capital LLP, Salamander Energy Group, Challenger UK, Elgin Capital LLP and the Work Foundation.
Dr. Wolfhard Leichnitz, Chief Executive Officer of IVG, commented, "By selling Caxton Hall IVG completed another very successful project development within Europe´s most professional real estate market."
Source: IVG
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