HIH Global Invest acquires "110 New Bridge Street" in London for £111m

25.02.2010 Source: Property Magazine

For the second time in a matter of months, HIH Global Invest, a subsidiary of HIH Hamburgische Immobilien Handlung, acquired a core property in London. This time, it is the "100 New Bridge Street" office scheme, sold by an open-ended property fund Degi International. The Grade A property, which is located in the western part of the City of London (EC4) / Midtown not far from St. Paul's Cathedral and Blackfriars Station, comes with a gross lettable area of 15,540 square metres. The office floor space is fully let through 2023 to the globally active solicitors of Baker & McKenzie LLP, implying that 95 percent of the total rental income is secured long-term. Other tenants of the building include Boots and Pret a Manger. Raised in 1992 according to plans by the architectural firm of Renton Howard Wood Levin LLP, the building has served as the head tenants UK headquarters since its completion. The property was acquired for a purchase price of approximately 110 million Pound Sterling on behalf of an institutional investor. HIH will assume the long-term asset management.

 

Andreas Schultz, CEO of HIH Global Invest, commented: "Despite the resurging sales prices for core properties in London during recent months, we were able to secure this Investment on a yield level that significantly exceeds the mean long-term value. We expect prices for high-end properties with long-term leases in place to keep rising. Both aspects commend this commitment and our good timing."