(London) – Hines, the international real estate firm, is selling One Bartholomew Lane, the 79,800-square-foot office building adjacent to the Bank of England in the heart of the City of London.
CBRE is seeking offers in excess of £104 million for the freehold in this 10-story office building, reflecting a net initial yield of just over four percent, and a capital value of £1,303 per square foot.
One Bartholomew Lane was acquired in 2012 by Hines on behalf of an Asian investor client, who are one of a range of occupiers, predominantly from the banking and finance sector, in the fully let building.
Ross Blair, Senior Managing Director and Head of Hines UK, said: “One Bartholomew Lane is a prime City office building in a supreme location on an island site facing the Bank of England. There will undoubtedly be strong appetite from investors, and we look forward to opening dialogue with interested parties in the coming weeks.
“In keeping with Hines’ strategy of recycling assets in its portfolio, we have secured successful sales of a number of assets in central London and are actively seeking new opportunities in a market which remains very important for our business.”
Stephen Pearson, Executive Director, CBRE Capital Markets, said: “The building represents a rare opportunity for investors to acquire such a special asset in a highly sought-after location. With its period façade, large, flexible floorplates, panoramic views of St Pauls and central London and excellent covenant strength, the building has a highly reversionary income profile and we are anticipating a strong level of interest.”
Hines UK has advised on more than four million square feet of projects acquired, completed or in the pipeline in the UK with a total UK portfolio under management valued at in excess of £2 billion. The company’s portfolio includes a range of assets under management in London and key regional cities including Manchester, Birmingham, Edinburgh and Glasgow.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Since entering Europe in 1991, Hines has grown its European platform to include a presence in 55 cities in 13 countries and Hines currently has over €16.7 billion of assets under management in Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Spain and the United Kingdom.