Ropemaker Place is under offer (Q. £707m) to HoBee Land, reports Savills.
Via City Investment Watch 15 May 2018 savills.co.uk.
16/05/2018 18:59 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
13/03/2013 12:03 by Buildington
British Land announced today that it has sold Ropemaker Place, London EC2 to Frasia Properties S.à r.l. and Frasia Properties Subsidiary S.à r.l., which are subsidiaries of a UK Real Estate Investment Trust structure, for a gross sale price of £472 million. The purchasers are an international consortium of investors and were represented by AXA Real Estate Investment Managers. British Land will top up the rent frees to the contractual rent of £24.05 million per annum. The sale represents a net initial yield of 5.0% on the basis of an acquisition of the units in Ropemaker Place Unit Trust.
The offices are fully let on an average lease length of 14 years, with key tenants including The Bank of Tokyo-Mitsubishi UFJ, Ltd and Mitsubishi UFJ Securities International plc, Markit, Liberum Capital and Macquarie Group, at a day one contractual rent of £24.05 million per annum, rising to £27.5 million per annum on minimum uplifts at first reviews. At 30 September 2012, Ropemaker Place was valued at £455 million, with current passing rents of £0.9 million and accounting rent of £21 million.
British Land will receive net proceeds of £461 million in cash from the sale after costs, 1.4% above the September 2012 book value.
The sale is in line with our strategy of recycling capital and balancing our portfolio between the West End and the City – the West End now accounts for half our London Office portfolio (from 46%). The proceeds of the sale will be redeployed into our existing London development programme.
Tim Roberts, Head of Offices at British Land said: “Ropemaker demonstrates our track record of delivering exceptional, sustainable buildings which are profitably let to quality occupiers. The sale reflects the attractiveness of our buildings to investors as well as occupiers and allows us to recycle capital to invest in our development programme.”
Jones Lang LaSalle and SJ Berwin acted for British Land on the sale.
13/03/2013 01:33 by Buildington
British Land has announced that Ropemaker Place, one of the most sustainable buildings in the City, is now fully let with the completion of three retail unit deals to Cycle Surgery and food operators EAT and POD. In addition, Markit, the global financial information services company which already occupies 85,000 sq ft, has taken up its option on the final 22,000 sq ft of office space within the development which means this major City building is now 100% let in record time.
In a deal that resonates with the development’s industry leading green credentials, Cycle Surgery will occupy a 3,705 sq ft ground floor unit at the corner of Chiswell Street and Finsbury Street. Meanwhile EAT and POD have taken 2,465 sq ft and 1,355 sq ft of space at the building respectively, providing a valuable amenity for both occupiers at Ropemaker Place and people in the surrounding area.
Completed in May 2009, the 20-storey Ropemaker Place development is rated BREEAM “Excellent” and was the first building in Europe to achieve pre-certification for LEED “Platinum”. British Land achieved its first letting at Ropemaker Place in April 2009, one month prior to the building’s completion, when Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International secured 187,000 sq ft of space. In addition to Markit, British Land has since concluded deals at Ropemaker Place with Liberum Capital, Mint and Macquarie Group. The building’s 594,000 sq ft of office space is now fully let.
Speaking about the deals Paul Burgess, Head of London Leasing at British Land commented: “We are very pleased to announce that the building is fully occupied. The speed at which these lettings have been achieved is testament to the building’s attractive, flexible design and industry leading green credentials as well as its ability to meet the diverse and demanding needs of major occupiers.”
CB Richard Ellis advised British Land on the retail lettings.
CB Richard Ellis and Jones Lang LaSalle advised British Land on the office lettings.
18/07/2011 01:29 by Buildington