CBRE Global Investors fund Europe Value Partners 2 in partnership with Arax Properties has completed its purchase of 280 Bishopsgate, EC2.
It is understood the deal value was £190m.
The pair plan to refurbish the vacant former London headquarters of the Royal Bank of Scotland to provide 280,000 sq ft of office space, including a new rooftop terrace and balconies overlooking Spitalfields. The refurbishment is due to complete in 2021.
The property was put on the market in May with a guide price of £173m as part of RBS’s ongoing cost-cutting drive.
Christina Forrest, fund manager, EVP 2, at CBRE Global Investors, said: “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.”
Savills acted for CBRE Global Investors. Cushman & Wakefield acted for the vendor.
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