1st May 2014 09:34
LONDON (Alliance News) - Property firm Quintain Estates & Developments PLC Thursday said it has acquired all of the units in Aldermary House Unit Trust, which owns the leasehold interest in Aldermary House in the City of London from AFH Investment LP in a deal worth GBP40.0 million in cash.
AFH Investment LP is jointly owned by Columbus UK Real Estate Fund LP and the British Airways Pension Fund and managed by Columbus Capital Management LLP.
The ten storey building at 10-15 Queen Street is centrally located opposite Bloomberg Place, which will be the new London headquarters for the market data provider and is due to open in September 2016.
Quintain said the average rent at the site near Bank underground station, including available space, is around GBP42.00 per square foot.
The asset contains 61,990 square feet of commercial space, of which 50,129 square feet is office and 11,861 square feet is retail. Quintain said the site has been partially refurbished in the last two years and "offers further opportunity for active management".
The weighted average unexpired lease term across the building is eight years.
The stock was trading at 101.00 pence, down 0.50 pence or 0.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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