Grosvenor Fund Management (GFM) has acquired the final 50% of 10 Grosvenor Street, W1, from Hammerson, for £54m, on behalf of its London Office Fund. The London Office Fund now has 100% ownership of the 63,900 sq ft asset.
The property has been Hammerson’s headquarters since 2006. The REIT is relocating to Kings Place in Kings Cross next year. Associated British Food is also a tenant at 10 Grosvenor Street and will remain in the building.
Commenting on the acquisition, Scott Rowland, Director, Grosvenor Fund Management said: “It’s fantastic that Grosvenor Fund Management has completed the acquisition of 10 Grosvenor Street. Sole ownership of the asset enables us to assess how we can add value to the property and for the investors in the London Office Fund. The London office sector continues to perform well and is our primary focus in the UK alongside urban retail. It is a sector in which we have a proven track record and hope to expand in the future.”
The London Office Fund was launched in 1999 and owns £0.5bn of assets on behalf of four investors. The partnership strategy is to invest in large, high quality office buildings in central London to which GFM can add value through its active asset management expertise.
GFM was not advised on the deal. Hammerson were advised by DTZ
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Our fund management business has been creating value for its partners in real estate since 1956. GFM offers a range of sector and region-specific property investment vehicles, with a focus on European urban retail and London offices, which aim to deliver attractive, risk-adjusted returns and a high level of client service. Operating from 12 offices in the USA, Europe and Asia, we employ 102 professionals with local knowledge and skills to execute our strategic investment decisions and create value for our investors. As at 31 December 2013, Assets under Management were £3.2bn with 66 investor partners in 26 property funds, club deals and separate account mandates.