Thu, 29/11/2012 - 06:00
FORE Partnership and Kier Property have completed the acquisition of 58 Victoria Embankment from the City of London Corporation.
Plans to redevelop the prominent 34,000sq ft building on Victoria Embankment, which was previously occupied by HM Courts and Tribunals Service, are now being progressed and a detailed planning application is expected to be submitted at the beginning of next year. This will see the building transformed into new Grade A offices offering views over the River Thames.
FORE Partnership, a London-based investment company for family offices, funded the acquisition with co-investor Kier. Kier has been appointed as development manager.
The deal signifies Kier Property’s preferred approach of securing prime sites in London and expanding its portfolio in the capital through co-investment and joint ventures.
Nigel Turner, managing director of Kier Property, says: “This co-investment marks an important step for Kier to extend our property portfolio in London. We hope that our acquisition of 58 Victoria Embankment with FORE Partnership is the first of many, which will enable us to combine our extensive knowledge of the market with the long-term financial backing of an established investor.
“We’re committed to proactively finding the right properties in the right locations to secure a balanced property portfolio. Following the purchase of 58 Victoria Embankment, we are actively seeking more London opportunities.”
Basil Demeroutis, managing partner of FORE Partnership, says: “We’re delighted to have formed a successful partnership with Kier to buy 58 Victoria Embankment. Our exciting plans to reinvigorate the prime office accommodation will be unveiled at the beginning of next year.
“The combination of Kier’s extensive development knowledge combined with our ability to fund key projects has proved a successful partnership, which we will look to extend on future projects.”
Savills advised FORE and Kier on the acquisition.
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