Grosvenor Europe (Grosvenor), one of four operating companies of the privately-owned international property group, Grosvenor Group, has agreed the sale of Fleet Place House in the City of London. It has been sold to Beijing Capital Development Holdings (referred to as Beijing SHOKAI, former BCDH) on behalf of the Grosvenor London Office Fund (GLOF) for £96.5 million.
Grosvenor formally instructed BNP Paribas Real Estate to prepare the sale of the prime multi-let office and retail investment. Following a competitive bidding process, which included domestic UK, American and Asian investors, and the property has now been sold to Beijing SHOKAI.
Fleet Place House was purchased by GLOF in 2013 and provides high quality Grade A office, retail and ancillary accommodation comprising approximately 91,955 sq ft arranged over basement, ground and eight upper floors. It is now let to six tenants including Just Eat, Samsung, Bevan Britain, Dimension Data, Pret and Starbucks. Grosvenor substantially re-modeled the common areas and increased the building’s amenities ahead of a program of re-configuring the tenant lineup.
Scott Rowland, Fund Manager at Grosvenor, commented: “Since purchasing Fleet Place House, Grosvenor has upgraded both the asset and the income profile, driving income growth and delivering very attractive returns to our investors.”
BNP Paribas Real Estate acted for Grosvenor and Savills for Beijing SHOKAI.
For more information contact:
Rebecca Dwyer, Press Office
020 7312 6101
Notes to Editors
Grosvenor Europe invests, develops, operates and manages real estate assets and funds, with a focus on six European cities: Paris, Lyon, Stockholm, Madrid, Milan and Liverpool. We specialise in mixed-use property, with strong expertise in retail and leisure and adopt a long-term, value-add approach. We work closely with our international partners, utilising the knowledge of our local teams to provide access to local European markets. We strive to bring our ‘Living cities’ philosophy to life, creating places that are economically, socially and environmentally sustainable.
Previously known as Grosvenor Fund Management, as at 31 December 2015 we managed £3.5bn / €4bn of assets, including a portfolio of historical buildings in the heart of Lyon’s city centre in France, Liverpool ONE in the UK and Skärholmen Centrum shopping centre in Stockholm. www.grosvenor.com @GrosvenorEurope
Beijing Capital Development Holding (Group) Co., Ltd.
Beijing Capital Development Holding (Group) Co., Ltd. (referred to as Beijing SHOKAI) is one of the largest state-owned developers in China. Beijing SHOKAI was officially established on December 2005, which was formed following a merger between Beijing Municipal Development (founded in 1977) and Beijing Tianhong (founded in 1980).
Over the past thirty years, as one of the earliest real estate developers in China, Beijing SHOKAI has established itself as an industry leader. Beijing SHOKAI’s scope of business includes the development of commercial, residential, and affordable housing, property operation (including hotel operation), and property management. Based in Beijing, Beijing SHOKAI has significant operations in Beijing, where it has well-established roots. Beijing SHOKAI is now one of the largest and best performing companies in terms of comprehensive strength. As at 30 June 2016, Beijing SHOKAI had total assets of approximately £20 billion.
Beijing SHOKAI has expanded its business to more than a dozen provinces and municipalities in China. In addition, it has invested and set up overseas subsidiaries in Australia, Hong Kong, Macao, the United States, and the United Kingdom.