Hermes Real Estate Investment Management Limited (HREIML) has completed the acquisition of Finsbury Tower, Burnhill Row, EC1 from Middle Eastern based owner HNS Group for a price of GBP67m.
Finsbury Tower offers 153,000 sq ft of office accommodation with the building currently being 85 per cent let. Long term occupiers include the Care Quality Commission (CQC), Corus Group, Kaplan Financial, Walker Crips and Thomson Financial News. The building is located close to both The Silicon Roundabout at Old Street to the north and Moorgate to the south.
HREIML was represented by Michael Elliott and DTZ. DE & J Levy acted for the HNS Group.
Chris Taylor, chief executive of Hermes Real Estate Investment Management Limited, says: “Only a stone’s throw from some of the most innovative tech companies in Europe, our primary aim will be to reposition Finsbury Tower to cater for this type of occupier. This may well include exploring refurbishment opportunities which, aligned with our investment ambitions, add value to the asset. As ever, it is our expertise on stock selection and pro-active asset management which will drive sustainable returns and unlock performance potential in this exciting, growth sub-market.”
Hussein Nuaman Soufraki, chairman of HNS Group, says: “Finsbury Tower has been a successful development and long term holding in our portfolio. We wish HREIML success with its repositioning of the asset.With the exit of its current UK property portfolio, HNS Group will expand its interests to the emerging markets of Libya and other North African regions while actively seeking new redevelopment investment opportunities in the UK.”