Grosvenor Europe, one of four operating companies of the privately-owned international property group, has agreed the sale of Fleet Place House in the City of London. It has been sold to Beijing Capital Development Holdings (referred to as Beijing Shokai, former BCDH) on behalf of the Grosvenor London Office Fund (GLOF) for €111.2m (£96.5m).
Grosvenor formally instructed BNP Paribas Real Estate to prepare the sale of the prime multi-let office and retail investment. Following a competitive bidding process, which included domestic UK, American and Asian investors, the property has now been sold to Beijing Shokai.
Fleet Place House was purchased by GLOF in 2013 and provides high quality Grade A office, retail and ancillary accommodation comprising approximately 91,955 ft² arranged over basement, ground and eight upper floors. It is now let to six tenants including Just Eat, Samsung, Bevan Britain, Dimension Data, Pret and Starbucks. Grosvenor substantially re-modeled the common areas and increased the building’s amenities ahead of a program of re-configuring the tenant lineup.
Scott Rowland, Fund Manager at Grosvenor, commented: “Since purchasing Fleet Place House, Grosvenor has upgraded both the asset and the income profile, driving income growth and delivering very attractive returns to our investors.”
Savills acted for Beijing Shokai and BNP Paribas Real Estate represented Grosvenor.
