Royal London Asset Management (RLAM) and CDC Investissement Immoblier (CDCII) are launching a 50:50 joint venture for 1 St. John’s Lane scheme in Farringdon, London, with RLAM managing the joint venture on behalf of both partners. 1 St. John’s Lane is a prominent office building developed in 2001, providing 89,000ft² of high-quality accommodation, located in the heart of the vibrant Farringdon submarket and in close proximity to Farringdon station and Smithfield Market. The property is fully let to the charity Save the Children for a further seven years, subject to annual RPI indexation.
“We are delighted to have commenced a joint venture with CDC, who like RLAM, is seeking to invest further capital into the London market. This joint venture establishes a wider strategic relationship for RLAM and we look forward to expanding this with further acquisitions in the future,“ said Marc Evans, Head of Property & Commercial Development at RLAM.
“This investment reflects our strong appetite for the London market, where we are looking to build a long-term portfolio,“ added Arnaud Taverne, Chie Executive Officer at CDCII.
"We are pleased to finally expand our portfolio in London, a key market in our recent international strategy, with such a like-minded investor as Royal London. This office deal is representative of our real estate long-term strategy: on a major transport hub, in a mixed-used central location and a human-scale building with strong fundamentals,“ stated Lucas Mignot, Head of International Investments at CDCII.
