Every inch of available office space at the site is accounted for by existing occupiers on the basis of deals lasting for an average of 14 years. British Land expects to see net proceeds from the sale of around £461 million, which it has said it intends to plough back into improving its portfolio of London property assets.
Taking ownership of the offices at Ropemaker Place is a consortium of investors represented by AXA Real Estate Investment Managers and made up of subsidiaries of a UK Real Estate Investment Trust, namely Frasia Properties and the Frasia Properties Subsidiary.
Among the existing tenants at the City of London site are the Bank of Tokyo-Mitsubishi, Markit and Liberium Capital, all of which are sizeable operators within the financial services industry.
British Land describes the sale of Ropemaker Place as being in line with its strategy of balancing its portfolio of London properties between offices in the West End and offices in the City.
“Ropemaker demonstrates our track record of delivering exceptional, sustainable buildings which are profitably let to quality occupiers,” said Tom Roberts, head of offices at British Land.
“The sale reflects the attractiveness of our buildings to investors as well as occupiers and allows us to recycle capital to invest in our development programme,” he said.
Ropemaker Place boasts a total of 595, 000 sq ft of Grade A London office space and has an ‘excellent’ rating for sustainability from BREEAM. Its development was completed in 2009 and it stands 20 storeys high.
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Editor’s Note: In June 2018, it was announced that Ho Bee Land had purchased the commercial property for £650 million.
The Singaporean developer purchased the asset through its Grandeur Property Investments Ltd. subsidiary.