Mitsui Fudosan UK and Stanhope have purchased One Angel Court, EC2, from US financial services organization TIAA-CREF. This strengthens the development partners’ portfolio of prime commercial properties and projects in Central London. The 200,000 ft² (approx. 18,580 m²), 21-story office tower has planning permission for an extensive redevelopment.
Mitsui Fudosan and Stanhope are currently redeveloping 8-10 Moorgate, a £90 million eight-story building, comprising 132,000 ft² (approx. 12,262 m²-net internal area) of prime office and complementary retail and space, as well as the £100 million speculative office development 70 mark Lane, EC3, targeted for completion in Q4 2014. The acquisition of One Angel Court follows a string of key investments in Central London, including the recent purchase of Television Centre in White City.
David Camp, Chief Executive of Stanhope, said: 'The partnership between Mitsui Fudosan and Stanhope goes from strength to strength and this latest acquisition gives us another blue chip asset and redevelopment opportunity in a prime location in the heart of the City. The City of London will increasingly be a market with a limited supply of high quality office buildings and cumulative demand. One Angel Court, once redeveloped, will be a high quality and sustainable addition to the skyline with great views across London.”