Joint venture partners Delancey and Aware Super have acquired 11-12 Hanover Square in London’s West End from Aviva Investors and the Public Sector Pension Investment Board (PSP Investments) for an undisclosed price.
The scheme, which provides nearly 35,000 sq ft of office space alongside 13,000 sq ft of retail space facing onto Oxford Street, was developed by Aviva Investors in 2017.
Ed Atterwill, head of Central London at Aviva Investors, said: “The sale of 11-12 Hanover Square secures a strong investment outcome and is testament to the continued demand for prime, modern, central London office space. The yield achieved reflects both the quality of the redevelopment undertaken to future-proof the building, as well as our ongoing asset management throughout our ownership.
“Its sale will enable us to redeploy capital into key conviction sectors, including prime London offices and our growing development pipeline, through to UK single-family housing and urban warehousing.”
Stéphane Jalbert, managing director, real estate investments, head of Europe and Asia Pacific, at PSP Investments, added: “This transaction highlights the strong investor demand for high-quality assets in strategic locations in London given the structural supply and demand imbalance, cutting through a challenging market environment. It also reenforces PSP Investments’ continuing commitment to create value investing in the office sector, supporting our mission and mandate.”
