Investment Properties
London Highlight Transactions
DELIVERING BEYOND EXPECTATIONS
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20 Fenchurch Street, London
Postcode
EC3
Value
£1,282,500,000 (£1,864 per sq ft), NIY 3.40%
Area
688,000 sq ft (63,917 sq m)
Purchaser
LKK Health Products Group Limited
Vendor
Canary Wharf Group and Landsec
CBRE’s role
Disposal
CBRE was initially instructed by a Canary Wharf Group-led syndicate to sell their 50% interest held in 20 Fenchurch Street, EC3 more commonly known as the Walkie Talkie.
CBRE undertook a discrete international marketing campaign, identifying and approaching a shortlist of the most aggressive global investors.
Through the tailored marketing process and knowledge of the potential purchasers CBRE were able to generate a premium bid from a new entrant, LKK Health Products Group Limited, for the whole building prior to formal bids.
CBRE drew in expertise from our Leasing, Leasing Advisory and Building Consultancy teams throughout the whole sales process to ensure a smooth transaction with completion within the required time frame.
Our extensive pre-sale due diligence, access to the most aggressive target investors and bespoke advise from
multi-disciplines ensured that we exceeded our clients expectations through the sale of the UK’s largest ever single office transaction.
1 Wood Street
EC2
Value
£179,000,000 (£972 per sq ft), 4.25%
Area
184,184 sq ft (10,174 sq m)
Purchaser
KanAm
Vendor
Aerium / Hanwha Life
CBRE’s role
Disposal
A superb team effort from the initial pitch through to successfully closing the deal, with the process being undertaken during an uncertain market following the outcome of the EU Referendum. Valuable leasing and lease consultancy input was provided throughout.
For more information, please contact:
67 Lombard Street
EC3
Value
£129,300,000 (£1,381 per sq ft), 4.00%
Area
93,628 sq ft (8,698 sq m)
Purchaser
Ho Bee Land
Vendor
Green Property Holdings
CBRE’s role
Disposal
CBRE advised Green Property Holdings on the discreet off market disposal of 67 Lombard Street, helping to achieve a quick sale at the desired level of pricing, exceeding the vendors very high expectations for the sale.
For more information, please contact:
Pinners Hall, 105-108 Old Broad Street
EC2
Value
£99,000,000 (£904 per sq ft), 3.98%
Area
109,514 sq ft (10,174 sq m)
Purchaser
Far East Holdings
Vendor
BNP Paribas REIM
CBRE’s role
Disposal
Following on from winning a competitive pitch process, CBRE advised BNP Paribas REIM on the disposal of Pinners Hall, achieving a price substantially in excess of the quote and expertly guiding our European Client through the sales process and London market swiftly. Overall we exceeded our clients' expectations significantly.
For more information, please contact:
11/12 St James’s Square
SW1
Value
£174,990,000 (£2,124 per sq ft), 4.43%
Area
82,374 sq ft (7,655 sq m)
Purchaser
Chinese Estates
Vendor
Employees Provident Fund
CBRE’s role
Acquisition
CBRE acted for Chinese Estates to acquire 11/12 St James’s Square, SW1. The Property was initially being offered together with Tower Bridge House in a joint sale. However, CBRE were able to negotiate a price for 11/12 St James’s Square in isolation that was significantly below the initial quoting level. We also provided comprehensive due diligence, including input from our property management team as well as working with the legal team throughout to ensure a smooth transaction for our client.
For more information, please contact:
"The CBRE Team provided a seamless service working with our solicitors from pre-bid due diligence through to completion of the deal. The investment team utilised CBRE's full depth of resources to provide a level of advice unmatched by their peers."
For more information, please contact:
Thomas More Square
E1
Value
£297,500,000 (£510 per sq ft)
Area
583,793 sq ft (54,236 sq m)
Purchaser
Resolution Property & Fosun Property Holdings
Vendor
Land Securities
CBRE’s role
Disposal
CBRE’s Investment Properties team provided long-term strategic advice to Land Securities on value at the estate, assisting Land Securities to maximise their business plan and optimise the timing of the disposal.
CBRE utilised the full spectrum of internal service lines and specialisms in preparing the optimum sales pack for this complex 4.4 acre estate, comprising six multi-let buildings and one development.
Our comprehensive, multi-disciplined, pre-sale due diligence, combined with the full utilisation of CBRE’s global network ensured maximum global investor engagement with over 40 inspections conducted and a competitive bids process securing a premium price ahead of our quoting terms.
"The team approach adopted by CBRE and in-depth pre-sale due diligence were critical to delivering a robust sales process for this complex estate. This approach combined with CBRE’s access to and knowledge of global capital ensured a competitive bidding situation with premium pricing secured".
For more information, please contact:
8 Fenchurch Place
Postcode
EC3
Value
£80,000,000 (£871 per sq ft)
Area
98,741 sq ft (9,173 sq m)
Purchaser
Aerium
Vendor
Ares
CBRE’s role
Disposal
CBRE was instructed to sell 8 Fenchurch Place by Ares following the successful completion of their asset management plan which included comprehensive refurbishment and re-letting.
The multi let property, provided strong prospects for rental growth in a core location above Fenchurch Street station.
CBRE conducted an open marketing campaign after a full due diligence process resulting in significant investor interest in the asset and a de-risked sales process that generated maximum proceeds for the vendor.
For more information, please contact:
THINKING BEYOND CONVENTION
We are one team constantly pursuing new opportunities, evolving ideas and creating solutions. We believe in delivering exceptional value to our clients.
Thinking Beyond Convention
Cannon Place, Cannon Street
EC4
Value
£485,000,000 / NIY4.44% / £1,203 per sq ft
Area
403,158 sq ft (37,455 sq m)
Purchaser
Deka
Vendor
Hines
CBRE’s role
Disposal
CBRE London Investment Properties advised on the off-market sale of Cannon Place, a landmark Central London office development by Hines.
CBRE’s involvement at Cannon Place dated back to Hines’ initial acquisition of the development opportunity in 2002 and involved a collaborative approach across many service lines to maximise value.
10 Bloomsbury Way
WC1
Value
£36,400,000, 2.7%
Area
165,046
Purchaser
Munich Ergo Asset Management (MEAG)
Vendor
The Crown Estate
CBRE acted for The Crown Estate on the disposal of Freehold interest in 10 Bloomsbury Way, the first time the interest had ever traded. Subject to a long leasehold to London and Regional with 108 years unexpired,the Freehold benefited from a significant ground rent providing secure long-term income in an area undergoing medium to long term transformational development.
Our grasp of the long London ground rent market along with our access to international capital was key in securing worldwide interest in the asset. Ultimately this enabled us to drive pricing through a best and final round of bidding and secure a price well in excess of quoting.
8 St James's Square
SW1
Value
£213,000,000 (£3,425 per sq ft), 3.70%
Area
62,195 sq ft (5,778 sq m)
Purchaser
Private Hong Kong
Vendor
Green Property
CBRE’s role
Disposal
CBRE acted for Green Property to sell 8 St James’s Square, SW1, a newly developed award winning office building. CBRE marketed the opportunity at £210,000,000 and were overwhelmed with the interest. In a highly competitive process, pricing exceeded the initial quoting level and reached a record high capital value £psf in London for a transaction of this size. CBRE worked very closely with Green Property throughout the process to ensure that sensitivities were maintained and that the process culminated a smooth close for our client.
For more information, please contact:
Whitefriars, 65 Fleet Street
EC4
Value
£160,000,000 (£697 per sq ft), reflecting 5.56% NIY
Area
229,584 sq ft
Purchaser
JMI Global Limited
Vendor
KWASA UK Solo Limited (advised by CBRE Global Investors)
CBRE’s role
Acquisition
CBRE acted for JMI Global Limited in the acquisition of Whitefriars, 65 Fleet Street. The Property is the current headquarters of global law firm Freshfields Bruckhaus Deringer, with office accommodation totalling over 200,000 sq ft split over North and South buildings.
Having sourced the opportunity off-market, CBRE provided the client with a range of due diligence advice to ensure that the transaction reached completion in a timely manner. A collaborative approach across service lines, including property management services along with development advice was crucial in supporting JMI’s first investment in Central London.
For more information, please contact:
Fitzroy Place - 50% Interest
W1
Value
£217,100,000 (£1,809 per sq ft)
Area
240,000 sq ft (22,484 sq m)
Purchaser
Ashby Capital
Vendor
Kaupthing
CBRE’s role
Disposal
CBRE has been Kaupthing’s strategic advisor on Fitzroy Place for the past seven years and helped shape the strategy for creating a brand new world class mixed-use development that has redefined Fitzrovia.
Throughout this period we have advised on the proposed scheme, the planning and construction phase along with the subsequent sale of 235 private residential apartments and the leasing of 240,000 sq ft of commercial space. Our final involvement with Kaupthing involved us selling their 50% interest in the commercial elements. Central to our sales strategy was undertaking a targeted bespoke marketing campaign to a shortlist of international investors from around the globe. Our unique knowledge of the scheme and relationship with the key parties involved in Fitzroy Place enabled us to maintain 100% confidentiality throughout the sales process.
For more information, please contact:
Project Willow
EC4
Project
50% interest in King Edward Court and St Martin’s Court, Paternoster Square
Value
£396,000,000 (£1,061 per sq ft)
Area
374,910 sq ft ( 34,830.3 sq m)
Purchaser
Madison International Realty
Vendor
Oxford Properties
CBRE’s role
Disposal
This was a fantastic instruction for CBRE Investment Properties and demonstrates the strength of our relationship with Oxford and international capital targeting London. Our extensive pre-sale due diligence, highly targeted campaign and bespoke advice on the structuring of the Joint Venture were all instrumental to ensuring that we met and exceeded the client’s expectations.
"CBRE provided outstanding service to Oxford in our recent 50% sale and recapitalisation of King Edward Court and St Martin’s Court in London. The CBRE team had a strong understanding of Oxford’s and OMERS’ key objectives, provided consistently good strategic advice, had strong knowledge of and access to global investors, and managed the process extremely well, including coordinating with Oxford’s other advisors on the transaction. In particular, the transaction was achieved against a backdrop of challenging market conditions including the Brexit vote and subsequent uncertainty. This is the second 50% sale in London that CBRE has advised Oxford on in the last 18 months and the success of both transactions is testament to CBRE’s deep understanding of our business and its ability to utilise its global relationships to secure a fantastic outcome for Oxford.”
For more information, please contact:
CONNECTING BEYOND BORDERS
We are a united property family with global reach. Leveraging our extensive local and international connections ensures the best deals for our clients. Connections ensure we deliver the best deals for our clients
Connecting Beyond Borders
Quadrant Three - 25% Interest
W1
Value
£112,500,000 (£1,647 per sq ft), 4.3%
Area
273,173
Purchaser
Norges Bank Real Estate Management (NBREM)
Vendor
The Crown Estate
CBRE acted for The Crown Estate on the disposal of a 25%interest in Quadrant Three, Soho’s most notable new development over the past 10 years. The property consists of Grade A offices let to Twitter, Telefonica and Generation Investment Management along with restaurant, retail and residential accommodation.
Our previous involvement in the asset along with our
market-leading experience in part share sales were important in helping us secure a sale of 25% of the asset. Working jointly with our Capital Advisors team, we undertook significant
pre-sale due diligence which involved our Retail, Agency and Lease Consultancy teams. Ultimately this approach enabled our client to secure an off-market transaction with NBREM who already owned 25% of the asset.
Lacon
WC1
Value
£285,000,000 (£1,290 per sq ft)
Area
220,885 sq ft (20,521 sq m)
Purchaser
Private Middle Eastern
Vendor
Blackstone Real Estate
CBRE’s role
Acquisition
CBRE advised a Private Middle Eastern client on the acquisition of Lacon London. The opportunity to purchase the building was identified as a result of CBRE’s existing relationship with the vendor and their agents, enabling terms to be agreed and for the transaction to complete off-market, protecting both the confidentiality and exclusivity of all parties involved. CBRE provided comprehensive due diligence during the transaction, including building consultancy advice. Close collaboration with the client’s legal representatives also ensured that the transaction was completed efficiently and within the desired time frame.
184 Shepherd’s Bush Road
W6
Value
£96,980,000 (£836 per sq ft)
Area
115,973 sq ft (10,774.2 sq m)
Purchaser
Precis
Vendor
Al Duwaliya
CBRE’s role
Disposal
CBRE was instructed to dispose of this newly developed Grade A office building in Hammersmith. Central to our success was the ability to position the asset as a Central London building comparable to the other core sub markets.
In addition,the building had not practically completed at the time of marketing and therefore we embarked on significant pre-sale due diligence to ensure that the sales process was as smooth as possible. Our global marketing campaign captured the imagination of overseas investors and helped secure bidders from a number of different regions around the world.
For more information, please contact:
14 St George Street
W1
Value
£121,700,000 (£2,346 per sq ft)
Area
51,861 sq ft (4,818 sq m)
Purchaser
Chinese Estates
Vendor
Aberdeen Asset Management
CBRE’s role
Acquisition
Thanks to our close relationship with the vendor and the vendor’s agents, after the property failed to transact with another party CBRE was given the opportunity to enter into exclusive negotiations on behalf of Hong Kong based investor Chinese Estates. We provided comprehensive property due diligence including input from our property management team who went on to secure the property management mandate.
We introduced our client to the leading London law firm who advised the previous under offer party which accelerated the transaction timetable and provided comfort on the legal and title due diligence from the outset.
For more information, please contact:
One New Fetter Lane
EC4
Value
£69,000,000
Area
101,991 sq ft (9,475 sq m)
Purchaser
GG Capital
Vendor
UBS
CBRE’s role
Acquisition
CBRE were appointed by GG Capital on behalf of a private Middle Eastern family to source prominent long-let Central London office investments with value add potential. After providing a short-list of opportunities, CBRE was able to agree terms off market for the acquisition of 1 New Fetter Lane. In addition to investment advice, CBRE also assisted the purchaser with building, leasing, lease consultancy, property management and capital allowances due diligence.
This acquisition was the first investment for GG Capital in London. CBRE were able to provide GG Capital with the multi-faceted advice required for a long leasehold transaction, encompassing office, gym and restaurant uses as well as a number of ongoing rent review negotiations. CBRE ensured confidentiality of the equity investor was maintained throughout, while providing the vendor with comfort as to the performance of GG Capital as a first-time buyer.
“CBRE secured this iconic headquarter building (1 New Fetter Lane) off market for GG capital and utilised all service lines from leasing, asset services, rating and rent review to add significant value in a one stop shop. The investment team provided best in class advise and am looking forward to the next deal with them”
For more information, please contact:
30 Crown Place
EC2
Value
Quote £228,000,000 (£1,155 per sq ft)
Area
197,481 sq ft (18,346.1 sq m)
Purchaser
Beijing Capital Development Holdings
Vendor
Samsung SRA
CBRE’s role
Disposal
CBRE was appointed by Samsung SRA to market their first ever UK sale.
CBRE's meticulous pre-sale due diligence ensured we were able to best present the optimal business case for this long let asset. This included clear communication of the ongoing improvements in the micro-location, which was enhanced by the in-depth knowledge available from CBRE’s wider network. By leveraging CBRE’s market knowledge through our collaborative approach, we were able to deliver a clear marketing message to a global audience.
This allowed Samsung SRA to execute the final stage of their business plan with precision, crystallising investment performance for their investors.
For more information, please contact:
20 Moorgate
EC2
Value
£155,000,000 (£1,001 per sq ft)
Area
154,854 sq ft (14,386 sq m)
Purchaser
S E A Holdings
Vendor
PFM EuroSelect
CBRE’s role
Disposal
CBRE were appointed to provide strategic sales advice to the vendor, advising on pricing, marketing, timing and sales strategy.
CBRE devised a bespoke and targeted sales strategy to ensure full engagement from the most aggressive global investors during an uncertain period in the macro economic climate. The process was strictly managed to target a specific pool of the most active investors, to increase exclusivity and generate competitive interest. Utilising our unrivalled global network, CBRE drove strong competition for this secure income asset at a time when the market was untested following the EU referendum, achieving a premium price and a quick timetable to completion for our client. The purchaser who was a new entrant to the UK market, identified and was engaged in the marketing process by CBRE’s international marketing team.
For more information, please contact:
25 Gresham Street
EC2
Value
Pricing confidential but in excess of the quoting price. £142.5m / NIY 4.24% / £1,189 per sq ft
Area
119,823 sq ft (11,131.9 sq m)
Purchaser
Hengli Investments Group
Vendor
Lloyds Banking Group
CBRE’s role
Disposal
CBRE successfully advised Lloyds Banking Group on the 20-year sale and leaseback of their headquarters building on Gresham Street.
The instruction emanated from CBRE’s Advisory and Transaction – Occupier Business who manage the Lloyds’ property portfolio across the UK and was executed by CBRE’s Central London Investment Properties team with specialist lease consultancy advice provided by the Central London Advisory and Transactions team.
After a comprehensive due diligence and transaction structuring phase, the property was marketed internationally generating strong interest from a variety of global investors and a highly competitive bidding situation. The purchaser is a new entrant from Hong Kong and the price paid exceeded the original quoting price.
CBRE’s collaborative approach; solved transactional complexities, maximised price and ensured the sale & leaseback closed promptly, resulting in Lloyds Banking Group exceeding their objectives on this transaction.