Stena Realty completes second London deal in 6 months (UK/NL)
Thursday 2 February 2012
Stena Realty has completed the freehold acquisitions of Holland House, 1 – 4 Bury Street and Renown House, 33-34 Bury Street within the heart of the City of London insurance triangle from a Local Authority Pension Fund managed by Aberdeen Asset Management. Stena was advised by Trinova Real Estate, the London based investment and asset manager who secured the acquisitions off market.
Holland House, situated directly opposite the Gherkin, was designed by renowned Dutch Architect HP Berlage and completed in 1916 to comprise 50,000 ft² (4,630 m²) of modern multi-let office accommodation. Renown House sits adjacent to Holland House and comprises approx. 5,300 ft² of modern multi-let office accommodation.
Edmund Costello, Investment Partner at Trinova added: “We are delighted to continue our strong relationship with Stena Realty by acquiring these landmark buildings situated at the heart of the City of London on an off-market basis which offer multiple opportunities to add value over the short, medium and long term.”
Edward Crockett, Associate Director at Aberdeen Asset Management concluded: “We are very happy to have completed the disposal of this asset after several years of strong performance. Whilst we are disappointed to be selling what is an extremely attractive and important piece of London’s architecture, this disposal will reduce the Fund’s exposure to Central London where it already holds a number of exciting development opportunities. Funds realized from this sale will be reinvested into Retail Warehousing and Leisure investments.”