Singaporean property developer Far East Organisation has chosen Patrizia to oversee the retrofit of the Pinners Hall office building in the City of London.
Built in 1993, the 110,000 sq ft, six-storey building is located between Liverpool Street and Bank stations.
Patrizia is collaborating with Stiff + Trevillion to create Grade A office space to meet the requirements of modern occupiers, with early-stage design proposals including the enhancement of the building’s external architecture, major internal reconfiguration to maximise space and natural light, and the addition of high-quality amenities.
Mahdi Mokrane, co-head of fund management and head of fund management real estate at Patrizia, said: “It’s no secret that the office sector is experiencing challenges. Despite this, we see opportunities for value creation. With our real estate development expertise and strong convictions for the future of the office, we are excited to be active in this space when others are not. Thanks to the trust of Far East Organisation, Pinners Hall is now one of several office developments in Europe we are actively repositioning.
“With a growing €1.6bn portfolio of office assets in London that we manage largely on behalf of our Asian clients, we have deep market knowledge and expertise in driving value across the full risk spectrum. And with this office redevelopment and our other recent projects in London and Continental Europe, we are driving forward our value-add strategy, which forms one of the five growth areas underpinning our mid-term strategy.”
Wendy Lai, head of global client solutions for South East Asia at Patrizia, added: “We are pleased to partner with Far East Organisation on this exciting development project. Our extensive global network with ‘boots on the ground’ means we are extremely well placed to serve our Asian clients through our deep local presence in core markets. The strength of Patrizia’s platform enables us to connect international capital with smart real asset solutions globally, fully leveraging our integrated fund management and client service expertise.”
