Amundi Real Estate, in partnership with Knight Frank Investment Management (KFIM), has acquired Defoe Court on Featherstone Street, London, through its retail OPCI.
The building, which represents Amundi’s first wholly owned London office acquisition, was renovated in 2008 and is strategically located to the north of the City of London in an area dominated by new technology companies. With a total surface area of nearly 4,000 square metres covering five floors, the property is 100 per cent occupied.
Carmen Lopes, Amundi’s head of retail funds, says: “Following our first co-investment in the UK in 2012, this acquisition confirms our capacity to invest in the UK and reflects our strategic decision to gain exposure to this market. Our partnership with Knight Frank Investment Management will enable us to expand our presence in the London market in the future.”
Ian Whittock, chief investment officer at KFIM, says: “Defoe Court, located in very close proximity to Old Street Roundabout, stands to benefit from substantial tenant demand as a result of the Government’s initiative to label this area London’s own Silicon Valley. In addition to this we expect the completion of Cross Rail in 2018 to further benefit the area, with the quality of the space provided by Defoe Court making it ideally positioned to gain from improving tenant demand and subsequent rental growth. We continue to work closely with Amundi Real Estate to identify additional opportunities that meet their investment criteria.”