Royal London Asset Management (RLAM) and CDC Investissement Immobilier (CDC II), announce a 50:50 joint venture on 1 St John's Lane in Farringdon, London, with RLAM managing the joint venture on behalf of both partners.
1 St John’s Lane is a prominent office building developed in 2001, providing 89,000 sq ft of high-quality accommodation, located in the heart of the vibrant Farringdon submarket and in close proximity to Farringdon station and Smithfield Market. The property is fully let to the charity Save the Children for a further 7 years, subject to annual RPI indexation.
Mark Evans, Head of Property & Commercial Development at RLAM, said:
“We are delighted to have commenced a joint venture with CDC, who like RLAM, is seeking to invest further capital into the London market. This joint venture establishes a wider strategic relationship for RLAM, and we look forward to expanding this with further acquisitions in the future.”
Arnaud Taverne, Chief Executive Officer at CDC II, said:
“This investment reflects our strong appetite for the London market, where we are looking to build a long-term portfolio.”
Lucas Mignot, Head of International Investments at CDC II, said:
“We are pleased to finally expand our portfolio in London, a key market in our recent international strategy, through a joint-venture with such a like-minded investor as Royal London. This office deal is representative of our real estate long-term strategy: on a major transport hub, in a mixed-use central location and a human-scale building with strong fundamentals.
The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.