Wolfe Asset Management acquires ‘The Peak’ from the Cityhold Office Partnership for £145 million in London
WAML has purchased the freehold of ‘The Peak’ in Victoria, SW1 for £145 million from the Cityhold Office Partnership, managed by TH Real Estate, in an off-market transaction. CBRE and Taylor Wessing acted for the purchaser. JLL and Eversheds acted for TH Real Estate.
The landmark building, comprising 100,000 sq ft of Grade A office and retail accommodation, occupies a highly prominent position opposite Victoria Station.
Originally developed to an award-winning design in 2009, the building is multi-let to tenants including, Bank of Scotland, PetroChina and Guggenheim Capital. The price paid for the JPUT in which the freehold interest sits was £145 million representing a net initial yield of 4.27% and a capital value of £1,489 per sq ft.
“We are extremely proud to have purchased such an iconic building which perfectly fits our strategy of owning best in class office buildings in prominent Central London locations.” said Abdulla Al Gurg, Group General Manager of WAML.
“As long-term holders of real estate, The Peak will be a fantastic addition to WAML’s portfolio. The ongoing transformation and infrastructure improvements in Victoria will further enhance its future performance.”said James Rood & Ed Bradley of CBRE.
“We are delighted with the outcome of the sale, with the asset delivering very attractive returns for the Partnership. A sale crystallises these gains and provides additional capital to allocate to the Partnership’s 2017 London investment programme.” said Peter Neal, Manager of the Cityhold Office Partnership’s UK portfolio at TH Real Estate