London 20 December 2019 – CBRE Global Investors’ value add series, Europe Value Partners 2 (EVP 2) has acquired 280 Bishopsgate, London. The acquisition is made in a partnership with Arax Properties.
The building was sold with vacant possession providing an opportunity to carry out an immediate repositioning in the established core of the City of London during a period of limited supply. The building will be comprehensively refurbished to provide Grade A offices extending to approximately 280,000 sq ft including new rooftop terracing and balconies overlooking Spitalfields, to be completed in 2021.
280 Bishopsgate is a prime office arranged over basement, lower ground, ground and 12 upper floors. The location attracts a diverse range of tenants from the financial, professional, media and technology sectors. It benefits from excellent transport links to the underground, national rail and Crossrail, opening next year.
“This value add opportunity is in line with EVP 2’s key investment strategy of repositioning to core. The prime location and lack of Grade A space against strong occupational demand makes this a very exciting project and one we look forward to delivering in 2021” said Christina Forrest, Fund Manager, EVP 2, CBRE Global Investors.
Giles Morse, UK & Ireland Partner, Arax Properties added: “Arax is delighted to establish our third partnership with CBRE Global Investors, continuing our strategy of acquiring high-quality assets in core locations with strong upside potential.”
Savills acted for CBRE Global Investors. Cushman and Wakefield acted for the vendor.
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 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 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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 asset-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.
About Arax Properties
Founded in 2006, Arax is a private real estate investment and asset management company. Arax is headquartered in London and is active in direct real estate and real estate-backed operational businesses across Europe, also having offices in Paris, Berlin and Luxembourg. Arax establishes joint ventures with major global investors and currently has more than £2.0bn of assets under management.