Hines buys West End office
Hines has acquired a West End office block from Aviva Investors on behalf of its European Value Fund 2.
The 37,414 sq ft building is on the corner of New Bond Street and Oxford Street, W1. It had been on the market for £130m since November 2019.
Hines will embark on a comprehensive reconfiguration and refurbishment to enhance and reposition the asset as flexible, prime retail space on the lower floors, with prime grade-A office space above.
Hines has acquired a West End office block from Aviva Investors on behalf of its European Value Fund 2.
The 37,414 sq ft building is on the corner of New Bond Street and Oxford Street, W1. It had been on the market for £130m since November 2019.
Hines will embark on a comprehensive reconfiguration and refurbishment to enhance and reposition the asset as flexible, prime retail space on the lower floors, with prime grade-A office space above.
HEVF 2 fund manager Paul White said: “When we are finished with this building it will be a mixed-use trophy in arguably the best retail location in Europe, and offering coveted Mayfair office space.”
The move comes as Aviva Investors focuses its efforts more on prelet office and hotel deals.
Gary Sherwin, head of UK transactions, Aviva Investors, said: “The fund in which the property is held is increasing its allocations into assets with secure income streams, including prelet office and hotel investments in Cambridge and Manchester, which are key locations in our real estate investment strategy.
“We will sell properties when we can achieve an attractive return for our clients and believe the proceeds can be better redeployed elsewhere, including our strong pipeline of office development opportunities in London.”
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