Aegila Capital Management, the European real estate investment and advisory firm, has announced the acquisition of a 121,255 sq. ft. prime office complex at 37-39 & 40 Lime Street for £73.5 million.
Aegila will partner with Greycoat London Asset Management, who will co-invest alongside Aegila advised entities.
“Brexit uncertainty has depressed investment volumes in the London real estate market,” said Giovanni Gregoratti, CEO of Aegila. “But it also created opportunities for fundamentals-driven investors to acquire high-quality assets with long-term upside potential.”
Lime Street Estate is situated at the heart of the City of London, neighbouring some of the best-known landmark buildings including the Lloyd’s Building, Leadenhall Building (the “Cheesegrater”) and 20 Fenchurch Street (the “Walkie Talkie”). The Lime Street Estate is comprised of office and ancillary space spread across two adjoining buildings that are leased predominantly to global insurance and professional services tenants.
The Grade II listed Property has a Portland stone façade fronting Lime Street, Fenchurch Avenue and Fen Court and its close proximity to the popular shops, restaurants and bars in and around Leadenhall Market. The Property is let on a 137-year lease from the site freeholders, the Worshipful Company of Carpenters, and has undergone modernization on a rolling basis.
Giovanni continued, “With Brexit uncertainty receding as a result of the General Election, we are confident that London will consolidate its position as a global financial centre and we will continue to seek new investment opportunities that fit our strategy in this market.”
Bryan Cave Leighton Paisner acted as legal counsel to Aegila.