La Française Real Estate Managers has bought a corporate headquarters office property in Belgravia for £55m from Grosvenor’s UK property arm.
The office, at 10 Ebury Bridge Road, SW1, measures 62,587 sq ft across lower ground, ground and six upper floors. It was built in 1992 and designed by architects at Rolfe Judd.
The building is fully let under a 15-year lease to an Italian multinational energy provider, which has used the premises as its London headquarters for more than 30 years. The lease expires in 2038.
La Française REM bought the building on behalf of two real estate investment vehicles.
La Française REM head of UK real estate Peter Balfour said: “As one of the few self-contained headquarters office buildings in Belgravia, the rarity factor, as well as the strong covenant, long unexpired lease term and potential for conversion to other commercial uses, should sustain the long-term value of the investment.
“Furthermore, as our first acquisition in the West End of London, the asset is complementary to our existing London portfolio.”
RX London advised La Française and JLL acted for Grosvenor.
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