LONDON 16 March 2020 – CBRE Global Investors, on behalf of an international separate account client, has acquired Premier Place, Devonshire Square, London from Greycoat and an affiliate of Morgan Stanley Real Estate Investing.
The 229,129 sq ft Grade A office building, located in the City of London, has recently undergone a comprehensive refurbishment and is fully let to two office tenants with strong covenants. There are also three retail units on the ground floor. The building spans nine stories above ground and three basement levels. The refurbishment has been done to an extremely high standard and meets occupiers’ requirements in terms of a roof terrace, bike racks and showers. The building is being targeted to achieve BREEAM ‘Excellent’.
Premier Place benefits from excellent transport links to the underground, national rail and Crossrail, opening next year.
“This is an opportunity to acquire a prime office in an excellent location with WAULTS of 15 years and let to two strong covenants. It’s a strong addition to our client’s portfolio” commented Chris Gilchrist-Fisher, Senior Director, CBRE Global Investors.
CBRE acted for CBRE Global Investors and Cushman & Wakefield acted for the vendor.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.