Hines’ Pan-European Core Fund (HECF) has acquired Atlas House in the City of London from UBS Global Asset Management in an off-market deal.
The 44,200-square-foot Grade II-listed stone-fronted building at 1 King Street, EC2, is fully leased to Barclays Bank and Executive Offices Group. In a prime location close to the Bank of England, Atlas House provides office accommodation over five floors, and has recently undergone a major refurbishment.
The acquisition expands Hines' growing portfolio of prime office buildings in the City of London, which includes the recent acquisition of Broadgate West.
Alexander Knapp, director of Hines UK, says: "London continues to be a core market for Hines, and we are pleased to have added an attractive office building to HECF's portfolio. With a prominent position in the heart of the City, the building has two strong tenants bringing excellent rental income, and meets all the criteria for our acquisition strategy in the capital."
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP-FIS) managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe.
Hines UK has advised on over two million square feet of projects acquired, completed or in the pipeline, with a total value in excess of GBP1bn. The company's growing London portfolio of assets under management includes landmark city office development Cannon Place, Mayfair's One Grafton Street, and Midtown's 280 High Holborn and Stonecutter Court. Outside the capital, Hines UK is asset manager at Brindleyplace in Birmingham on behalf of the Hines Global Reit and is developing Two Snowhill in Birmingham on behalf of Hines European Development Fund II.
Hines UK was advised by Knight Frank, with Tudor Toone representing UBS in the transaction.