German investor HIH Invest has acquired 67-73 Chancery Lane in London from a private foundation for an undisclosed price.
The 7,230 sq m (circa 78,000 sq ft) building comprises 5,325 sq m of office space, 1,436 sq m of retail space and 469 sq m of residential space.
The office space is fully let to infrastructure and environmental consultancy WSP UK for its British HQ and the lease runs until 2039 with an option to extend.
The fully let retail space is distributed across seven units on the ground floor and the basement. The nine residential units are also fully let.
Matthias Brodeßer, head of transaction management office international at HIH Invest, said: “The acquisition is counter-cyclical, taking place in a market phase that offers attractive entry opportunities after falling prices. Decisive factors for us, besides the high quality of the location and the property itself, were the significant rental increase potential of the office and commercial building.”
Martin Payne, managing director UK of HIH Invest, added: “This transaction underlines the strength of our local network in a highly competitive market like London. Thanks to our long-standing relationships and our continuous market presence on the ground, we were able to secure early access to this core property in Midtown. Especially in an environment of limited product availability, reliable deal sourcing is crucial to identifying and successfully implementing attractive opportunities for our investors.”
Osborne Clarke conducted legal due diligence and KPMG handled tax due diligence. Cushman & Wakefield conducted the technical and ESG due diligence and the seller was advised by Boodle Hatfield and Knight Frank.
