Turkish engineering and construction group ENKA has acquired the Park House office building at 16 Finsbury Circus in London for approximately £186m from a fund managed by DWS.
The building, which was originally built in the 1920s and was extensively redeveloped in 2008, has a Grade II listed façade and offers floorplates of 25,000 sq ft to 30,000 sq ft. It is let to a mix of blue-chip tenants.
Mehmet Tara, chairman of ENKA, said: “This acquisition reflects ENKA’s long-term confidence in London as a resilient global financial and cultural hub. It also aligns with our strategic goal of expanding our real estate footprint in mature markets that offer stable returns and long-term growth potential.”
Murat Duran, president of real estate operations at ENKA, added: “ENKA has a long track record of developing and managing high quality real estate assets internationally. This London acquisition is both a financial investment and a strategic statement about ENKA’s confidence in world-class, sustainable urban environments.”
Jamie Acheson, head of UK investment at Feldberg Capital, which advised ENKA on the acquisition, said: “We are delighted to complete the acquisition of Park House alongside ENKA. Park House is an institutional grade, prime office asset in an unparalleled City location.
“This acquisition demonstrates our strong conviction in the Central London office market, which continues to display highly compelling market fundamentals, with an acute supply shortage of Grade A supply driving significant rental growth. We are now looking forward to executing our business plan, focused on capturing significant rental reversion, improving sustainability credentials and targeted capital investment.”
