Rowan Asset Management and GI Partners have purchased the Midtown office investment that is currently 89% occupied.
The deal was financed by equity from GI Partners Fund No. III with further capital from Taurus Investment Holdings LLC and Rowan. Nationwide Building Society has supplied the partners with commercial mortgage facility for the property investment.
The prominent 10-storey Midtown office rental in Aldwych provides 163,000 sq ft of offices to let in WC2. Built in 1926, the historic stone-clad office building was and sits opposite the BBC’s Bush House.
GI Partners managing director, Brad Altberger commented: “Purchasing Aldwych House at just over £500 per sq ft, we think the downside is well protected. In addition, we believe there is potential for significant upside as the building is let at below market rents."
The investment partners are confident that they have made an excellent investment in a top quality Central London office asset.
Rowan Asset Management will take overall responsibility for refurbishment and serve as asset manager.
Nick Jacobs, Rowan’s CEO, noted that: “Aldwych House is a classic ‘Rowan asset’...We are thrilled to have bought a product which will benefit from an occupier-sensitive but extensive re-branding and refurbishment.”.