RE Capital has completed the acquisition of Albion House, a 29,174ft² office building at 20 Queen Elizabeth Street in Southwark, London, from Peabody for €17.4m (£15.05m). This transaction follows the purchase of 1-7 Old Queen Street last year, during the first national lockdown in the UK and is part of RE Capital’s ambition to acquire up to €173.6m (£150m) of central London offices this year.
RE Capital has implemented a comprehensive refurbishment programme to reposition the building, working with renowned architect Hale Brown to create a class-leading, sustainable and wellness facilitated office headquarters. Due for completion in early 2022, this will include a reconfigured reception area, improved ‘end of journey’ facilities, terraces with outstanding views to the Tower of London and City office towers and original Victorian features. Albion House benefits from close proximity to local and national transport links at London Bridge, Tower Hill and Bermondsey, as well as cultural landmarks such as Borough Market, Tate Modern, Maltby Street Market, Shakespeare’s Globe Theatre and the Shard.
Commenting on the announcement, Simon Banks, Head of UK Real Estate, said: “Albion House represented a unique opportunity to buy a vacant and extremely well-located office in central London on an attractive basis for our capital. The acquisition aligns with our strategy to reposition strong underlying assets in core locations and deliver more relevant, diverse workplaces in a rapidly changing occupational landscape at a time when people are looking to return to the office. This latest transaction is an important milestone in our ongoing strategy to acquire up to €173.6m (£150m) of central London offices this year.”
Andrew Gordon, Managing Director of Real Estate Debt – Europe at Invesco said: “We believe that “future-proofed” offices in core locations present a good opportunity and we are delighted to be supporting RE Capital on this transaction. We continue to seek both investment and development lending opportunities in all sectors across all European markets.”
