Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB) have completed the acquisition of Haymarket House in London’s West End. The London office joint venture partners acquired the property from Land Securities for €222m (£156m).
The 11,400m² (123,000ft²) building includes 8,000m² (87,000ft²) of office space, which saw partial refurbishment to grade-A standard in 2012. At the ground and basement floors, 3,300m² (36,000ft²) of leisure accommodation are spread across two units.
Chris Taylor, head of private markets at Hermes Investment Management, said: “As likeminded, long-term, risk-aware investors our partnership with CPPIB is continuing to go from strength to strength, as is reflected by this most recent acquisition. The purchase of Haymarket House is consistent with the joint venture partnership’s commitment to investing in strong central London assets with significant added value return potential.”
Andrea Orlandi, managing director and head of real estate investments Europe, CPPIB, said: “The addition of Haymarket House to our joint venture portfolio is a great example of how we continue to advance our partnership with Hermes Investment Management through the acquisition of high-quality assets. We look forward to continuing to work with Hermes Investment Management to further grow our joint venture.”
Hermes Investment Management and CPPIB were represented by Savills, while Capital Real Estate represented Land Securities.
