Ropemaker Place
13/03/2013 by Buildington
AXA Real Estate Investment Managers (“AXA Real Estate”) announces that, acting on behalf of three clients, it has led the acquisition of Ropemaker Place a prime office building in the City of London for £472million from The British Land Company PLC.

AXA Real Estate has made the acquisition on behalf of a European and two Asian investors in a joint venture structured as a UK Real Estate Investment Trust.

Located in close proximity to the new Crossrail entrance at Moorgate train and Underground station, Ropemaker Place was completed in May 2009 to an Arup Associates design and is a 20 storey 602,000 sq ft building providing 571,000 sq ft of Grade A office accommodation with supplemental retail and ancillary accommodation. Let to investment grade tenants including Bank of Tokyo Mitsubishi and Macquarie Bank for an average of 14 years, the asset produces a current income of £24million pa (£41 psf) with minimum contractual increases by September 2015 to £27.5million pa (£47.50 psf).

The acquisition of Ropemaker Place is in line with AXA Real Estate’s strategy of having clients investing together in assets which have good real estate fundamentals with excellent sustainability criteria. Ropemaker Place has a BREEAM Excellent sustainability rating and is the first building in the City of London to achieve a LEED

Platinum pre-certification for sustainability.

The transaction is AXA Real Estate’s second major central London office acquisition on behalf of clients in the past six months and further demonstrates its continued belief in a sector which it expects to continue to perform well.
AXA Real Estate led an investor advisory team which also included Nabarro, Deloitte and Strutt & Parker. The British Land Company PLC was advised by SJ Berwin and Jones Lang LaSalle.

Source: AXA Real Estate
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