French SCPI Iroko Zen has acquired the One Lyric Square office building in Hammersmith, London, from Schroders for an undisclosed price.
The virtual freehold HQ building provides 103,374 sq ft of Grade A office space and is fully let to The Office Group (TOG). The building has a WAULT of 12.9 years, with no breaks.
One Lyric Square was built in the 1970s and underwent a comprehensive £32m refurbishment in 2018.
Marion Bertrand, head of investment at Iroko Zen, said: “One Lyric Square is an exceptional addition to our European portfolio, offering both secure, long-term income, and exposure to a well-established London submarket. The combination of high quality refurbishment, a strong tenant covenant and its central Hammersmith location makes it a great fit with our investment strategy.”
Richard Stewart, partner, capital markets, at Knight Frank, Europe, which advised Iroko Zen on the deal, added: “London continues to demonstrate its enduring appeal to international capital, particularly for investors seeking long-term income security. One Lyric Square is a prime example of a modern, high quality office asset and we are delighted to have supported Iroko once again as they expand their London portfolio.”
