AXA Investment Managers – Real Assets has secured a deal to buy Arab Press House, a refurbishment opportunity in Holborn, WC1, for £29m.
The investment manager has completed the purchase of 182-184 High Holborn from owner occupier Saudi Research and Marketing, which will lease back the building for one year.
The 30,000 sq ft office block, which was built in 1985, has the potential for an extensive refurbishment and a two-floor extension.
AXA has been investing heavily in value-add opportunities. It has £7.3bn of development under way in Europe, £1.8bn of which is in the UK. The majority of the UK pipeline is in central London.
Arab Press House is located opposite 21-31 New Oxford Street, which will shortly be transformed by Brockton Capital and Oxford Properties into a major new development.
AXA head of UK transactions Huw Stephens said: “This acquisition presents an attractive opportunity in a prime location in Midtown to redevelop a core asset, adding value through both an extension and a comprehensive refurbishment.”
Colliers International advised AXA. Savills advised Arab Press
