Union Investment has sold the Whitefriars office building at 65 Fleet Street after a holding period of 13 years. Offering some 20,760 m² of space, the nine-story property in London's financial district was acquired by a special purpose vehicle (SPV) of Employee Provident Fund of Malaysia (EPF) for around £148 million (approx. 177 million).
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Whitefriars marks the second successful office property sale in London for Union Investment within the space of five months.
"After having extended the lease with existing tenant Freshfields we took the opportunity to sell the property and take advantage of current strong demand for core investments," says Dr. Karl-Joseph Hermanns-Engel, a member of the management board of Union Investment Real Estate GmbH, Hamburg.
Whitefriars was acquired in December 1997 for the open-ended real estate fund UniImmo: Deutschland for £123.7 million, based on an expert valuation figure. Built in 1989, it was one of the oldest properties in the fund's portfolio.
Whitefriars marks the second successful office property sale in London for Union Investment within the space of five months. 10 Gresham Street, which had been held by sister fund UniImmo: Europa for around a year, was sold at the beginning of August for approximately £175 million to a joint venture between Hammerson and Canadian Pension Plan.
Source: Union Investment
Whitefriars was acquired in December 1997 for the open-ended real estate fund UniImmo: Deutschland for £123.7 million, based on an expert valuation figure. Built in 1989, it was one of the oldest properties in the fund's portfolio.
Whitefriars marks the second successful office property sale in London for Union Investment within the space of five months. 10 Gresham Street, which had been held by sister fund UniImmo: Europa for around a year, was sold at the beginning of August for approximately £175 million to a joint venture between Hammerson and Canadian Pension Plan.
Source: Union Investment
