UBS Global Asset Management’s South East Recovery Fund has bought the freehold interest in Atlas House at 1 King Street, EC2, from Greenhills Asset Management for £19.5m.
The grade II listed City property comprises 43,090 sq ft, with the basement, ground and first floors let to Barclays Bank for a further 12 years. The remaining space, which is currently vacant, will be refurbished and available to let in early 2012.
UBS said the acquisition of Atlas House was in line with the fund’s value-add strategy, which invests in well-located Central London offices that are well positioned to benefit from the anticipated rental recovery in the market.
Sam Sananes, portfolio manager for UBS-SERF, said: “Following the successful completion of a sales strategy in December 2010, I am delighted to secure the acquisition of such a well-located City asset that offers the fund both income and asset management potential. We expect to launch the refurbished space into an improving rental market in 2012.”
james.buckley@estatesgazette.com
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