FORE Partnership has acquired the UK headquarters office building of L’Oréal in London’s Hammersmith for €65.7m (£58m), which reflects a net initial yield of 7.5%.
The building, 255 Hammersmith Road, which is located in a prominent corner position close to Hammersmith tube station, has been acquired from Standard Life Investments. It comprises 110,100 ft² of office space on ground and eight upper floors and is let to L’Oréal UK until September 2022.
Basil Demeroutis, Managing Partner of FORE, said: “We are very excited about the acquisition of 255 Hammersmith Road, which is located in one of London’s strongest sub-markets. We view properties as an expression of our and our occupiers’ values and purpose and focus on creating workspaces that empower staff and foster innovation and creativity. We believe this is an incredibly dynamic building with great potential”.
FORE Partnership was advised by Ingleby Trice and Standard Life Investments was advised by JLL.
