Standard Life Investments Pooled Pension Property Fund has agreed a deal with joint venture partners CarVal Investors, Orion Capital Managers, the City of London Corporation and Quadrant Estates, to buy 100 Cheapside.
The Fund has agreed to acquire the building with vacant possession upon completion of construction, which is due in early November 2014. The deal was agreed with the joint venture partnership following an off-market approach and the Fund will undertake a leasing campaign following completion.
The new building, led by development manager Quadrant Estates, will achieve BREEAM Excellent and LEED Platinum sustainability ratings.
David Stewart, Fund Manager of the Standard Life Investments Pooled Pension Property Fundsaid: "We're delighted to have agreed terms to acquire this prime City building. It will be a valuable addition to the Fund’s existing portfolio of high quality investment properties."
Tristram Gethin, founding partner of Quadrant Estates, on behalf of the development joint venture,added: "We are extremely pleased that 100 Cheapside has attracted a major institutional investor, such as Standard Life Investments. The building is of the highest City specification and in a core location. We are very proud of this building delivered by our highly dedicated team."
Michael Cassidy, Chairman of the City of London’s Property Investment Board, said: "Cheapside is right in the heart of the Square Mile business district and retains its local feel while being part of a globally-connected cluster of financial and business services. We are very pleased to be part of a project that enhances not only the City, but London."
CBRE acted for Standard Life Investments, BNP Paribas acted for the developer.
Source: Quadrant Estates www.quadrantestates.com