Astra Asset Management has acquired 7 Savoy Court, near the Savoy Hotel in London, from USS for an undisclosed price.
The acquisition of the eight-storey Grade A office building, which overlooks The Strand, is the second investment made under Astra’s private assets strategy.
The strategy is focused on selectively deploying capital into high quality, energy efficient, well located office assets, where active management can unlock rental growth and long term value.
Astra is actively sourcing further opportunities as it scales its private assets portfolio into 2026 and alongside prime Central London offices it will also consider prime, attractively priced opportunities across the UK and select European markets.
Ken Brougher, head of private assets at Astra, said: “We are very pleased with our investment in 7 Savoy Court within our private assets strategy. Resilient demand together with constrained supply will drive rental growth in high quality, energy efficient and well positioned office assets in key Central London locations despite the ongoing macroeconomic uncertainty.”
Anish Mathur, CIO at Astra, added: “The withdrawal of financing capital from the office market, coupled with persistently high long term interest rates, has created a unique opportunity that aligns with our private assets strategy. Renewed rental growth and the rebalancing of financing structures will act as a clear catalyst for market realignment. Astra, alongside other patient investors, is positioned to benefit as market conditions continue to normalise.”
Ollie Thornton, partner at Knight Frank, which advised Astra on the deal, said: “Despite the recent challenges over the past couple of years, demand for well-located office product with a clear and robust business plan remains evident and the market continues to recover.”
USS was advised by JLL.
