HB Reavis has completed the acquisition of 33 King William Street, EC4, a prime development site between Bank and London Bridge in the City of London, for GBP62.5m.
The acquisition is the company’s first in the UK and marks the beginning of its expansion to the London office market.
The existing building on the site is fully rented until June 2014 to BlackRock. Upon expiration of the lease, HB Reavis intends to commence demolition of the current building, with construction beginning immediately thereafter on a speculative basis.
The site has planning consent for a new 229,755 sqft Grade A office building, which will be completed in the second half of 2016. The new nine-storey building has been designed by John Robertson Architects. HB Reavis was advised by Knight Frank and Norton Rose Fulbright.
“We see this project as a unique opportunity, with an exceptional office building in an excellent location. Our intention is to continue investment in additional high-quality development opportunities in London into 2014. We look forward to establishing our company as an active contributor to London’s world class real estate community,” says Tomaš Jurdák, director of HB Reavis UK.
Throughout its 20-year history, HB Reavis has become the leading commercial real estate developer in Slovakia, Poland, the Czech Republic and Hungary. Since 1993, HB Reavis delivered more than seven million sq ft of leasable area, including nine significant office projects, four shopping centres and five logistics centres.