One of Europe’s largest real estate firms, Landsec, has acquired 55 Old Broad Street, EC2, from PGIM Real Estate for a headline price of £87m.
Commenting on the sale, Charles Crowe, Head of UK Transactions at PGIM Real Estate, said: “I am pleased with the significant value we were able to create through our ownership of 55 Old Broad Street and its successful sale. PGIM Real Estate had reached the end of its business plan by achieving leasing stabilisation post refurbishment and engineering a block date in 2024, that will enable a larger re-development of the site. The sale crystallises a strong return since purchase in 2012.”
Located just a two-minute walk from Liverpool Street station, the impressive 10-storey, the office-led building features 100,000 sq ft of space.
Currently, the building is 87% let to several businesses including Ecom Agrotrade, GB Rail Freight and Barclays.
In a statement released at the time of purchase, Nick de Mestre, Head of Investment, Landsec, said: “55 Old Broad Street is a well-located asset in the heart of London. The development potential of this asset, combined with the potential for Dashwood, offers Landsec the opportunity to deliver a compelling, best-in-class destination over the medium term. This acquisition demonstrates our commitment to optimising our central London portfolio through the reinvestment of capital, as set out in our strategy.”
The deal was exchanged on an unconditional basis and is expected to complete in January.
Knight Frank represented Landsec, while Squarebrook and JLL represented PGIM Real Estate.