Aviva Investors has bought the remaining stake in Barclays’ former headquarters in the City of London in a joint investment with Japanese group Obayashi.
Aviva, which already owned a 50% stake in 20 Gracechurch Street, EC3, has bought the remaining half from Northwood for around £195m.
Both the freehold and leasehold for the 16-storey property are now under the control of Aviva and Obayashi, as part of a joint venture focused on central London commercial property. It is Obayashi’s third investment in London.
Aviva will be responsible for asset managing the building, which contains 270,000 sq ft of offices and 43,000 sq ft of retail.
James Stevens, head of real estate investment at Aviva Investors, said Obayashi “is well-aligned with our long-term investment strategy in the capital”.
“We look forward to working with them in identifying these opportunities, as we build out an investment programme across central London. By bringing decision-making for the leasehold and freehold under full control of the partnership, we believe we will be able to continue driving its investment performance and use this to deliver positive long-term results for our investor clients,” Stevens said.
Jiro Otsuka, head of development at Obayashi, added: “We believe we will be able to develop a compelling portfolio of assets and have every confidence that our partnership will provide us with access to attractive opportunities in the coming years.”
View ownership details for all buildings on Gracechurch Street >>
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