Singaporean-listed Ho Bee Land has completed its £650m purchase of Ropemaker Place, EC2.
The 602,000 sq ft office building has been sold at a yield reflecting around 4.6% by a consortium led by AXA Investment Managers – Real Assets, including China’s Gingko Tree and South Korea’s Hanwha Group, which bought the building at 25 Ropemaker Street, EC2 in 2013 for £472m.
The 21-storey is 96% let with an average lese term of 10.5%.
Huw Stephens, head of UK transactions at AXA said: “We invested on behalf of clients in Ropemaker Place in 2013 in anticipation of a recovery in investment and leasing activity in the City of London post the global financial crisis.
“We have now completed our business plan for this asset, by selling it to Ho Bee Land who will continue to benefit from its prime location in the heart of the City of London, which will be further enhanced by the opening of the Elizabeth Crossrail line later this year, its resilient income stream and its reputation as a high-quality office scheme.
“The City of London, as one of the leading global centres for international business and one of the world’s most transparent and liquid real estate markets, remains a key target market for us and one where we will continue to look for further opportunities on behalf of our clients.”
Eastdil Secured and JLL advised AXA.
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