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Schroder Real Estate acquires 55 Bishopsgate, London in a joint venture

Schroder Real Estate has acquired 55 Bishopsgate, London EC2 on behalf of a joint venture between Immobilien Europa Direkt, a Swiss Pan European fund managed by Schroders and a strategic partner.

Duncan Owen, Global Head of Real Estate, Schroders, says: “55 Bishopsgate is a high quality, multi-let building in a core City of London location that offers scope for value enhancing asset management. The strategy is to undertake a refurbishment in order to take advantage a strong occupier market. The property also situated within the City of London “Tower Cluster” and as such offers the medium term opportunity for redevelopment and to significantly increase massing.”
55 Bishopsgate is a prime freehold building on a 0.77 acre island site situated in a core City of London location. The property comprises 198,000 sq ft of office and retail accommodation and is multi let to eight tenants including Aon Insurance, Amalgamated Metal Corporation and retailers including Pret a Manager, Itsu and Fitness First. The price of GBP187.5 million reflects a net initial yield of 4.9 per cent and capital value of GBP946 per sq ft.
Immobilien Europa Direkt is an investment group of Zurich Investment Foundation. It provides investors with a diversified portfolio of commercial real estate in the main western European markets.
Schroders was advised on the purchase by Strutt & Parker and King Wood Mallesons. The Capital London Fund was advised by TH Real Estate, CBRE and Norton Rose Fulbright.

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