AXA Investment Managers - Real Assets and BlackRock Real Estate, acting on behalf of their clients in a 50:50 joint venture, announce the completion of the sale in the region of £220m (€281m) of 6 Bevis Marks in London to a private client of Citi Private Bank.
AXA IM - Real Assets and BlackRock Real Estate acquired 6 Bevis Marks as a development opportunity in 2011 and commenced construction with no pre-let tenants. The building completed in 2014 and is now almost fully let to a range of strong tenants with a weighted average unexpired lease term of over 10 years.
6 Bevis Marks now represents a trophy office asset in a prime central City of London location adjacent to the iconic 30 St Mary Axe. The property comprises 174,550ft² (16,216m²) of high specification office, retail and ancillary accommodation arranged over basement, ground and 15 upper floors, as well as a private roof garden under a signature canopy providing stunning views across the City of London and beyond.
The building has a BREEAM “Excellent” rating and benefits from superb transport links being just 200 metres from Liverpool Street Station, which will be further enhanced by the completion of Crossrail (the Elizabeth Line) in 2018.
Cushman and Wakefield and JLL acted on behalf of the sellers.
Huw Stephens, Head of UK Transactions, AXA IM - Real Assets, commented: “This sale represents a highly successful conclusion to our involvement with 6 Bevis Marks. Having completed this project’s acquisition in 2011, we made the decision to press ahead with a large non pre-let development at a time when there was virtually no new construction being commenced in the City of London. Within three years, we delivered a brand new grade A office building in a prime City location into a market when demand had returned but supply was at historic lows. The building is now almost fully let and we have been able to complete an exit of what is now a trophy asset at an attractive price which provides a strong return for our clients.”
Liam Le Roux of BlackRock’s UK Real Estate business, commented: "The sale of 6 Bevis Marks concludes a very successful joint venture and realises a good return for our investors. Our ability to achieve an attractive price, despite some market uncertainty in the lead up to the UK referendum, speaks volumes for the quality of the building and of its tenants. BlackRock Real Estate has recently completed a number of successful dispositions in the UK, including Moorgate Exchange and Exchange Tower. The UK is an important strategic market and we are actively pursuing new value add opportunities across a number of sectors.”
Source: AXA Investment Managers & BlackRock
