REInvest acquires core property in the City of London
Luxembourg-based asset and investment specialist REInvest Asset Management has acquired 30 Lombard Street for the DEREIF SICAV-FIS fund, which invests in projects across Europe.
The office development was completed at the beginning of 2019 by McKay Securities and occupies a prominent location in London. The real estate special fund was launched in Luxembourg and its principal investor is a major German insurance company. The entire building is leased for 15 years to the St James's Place Wealth Management Group.
The newly developed property totals 58,585 sq ft (5,442.8 sq m) over basement, lower ground, ground and nine upper floors for use as offices and ancillary with a terrace on 9th floor. There are 76 bicycles spaces and the building was awarded the British sustainability certificate BREEAM with the rating "Excellent".
"London remains a robust and resilient market, offering good investment opportunities and very attractive purchase yields. Even the ongoing Brexit negotiations are having no noticeable effect in our segment, so we are expecting to see sustained growth," says Hans Stuckart, Managing Director of REInvest Asset Management. "Our excellent international network enabled us to secure this premium property. With its long-term lease and well established tenant, it fits perfectly into our investment strategy."
"London is the financial capital of Europe because of its location, its dynamism and the great transparency of its market. Its importance as a gateway to Europe for international investors is not expected to diminish in the medium and long term. And so London will remain an attractive investment location," explains Martin Nolting, Executive Director Business Development. “This is underlined by the fact that a significant proportion of take up in recent years has been from the technology, media and telecommunication sector”.
BNP Paribas Real Estate acted on behalf of REInvest Asset Management, and Knight Frank acted for McKay Securities.