Evans Randell to buy Drapers Gardens office space for £250 million

Offices in Drapers Gardens have been bought by Evans Randall Ltd, co-owner of the Gherkin. The firm will pay £250 million in the next few weeks for the build owned by Morgan Stanley, Canary Wharf Group Plc and Exemplar Properties.

The 270,000 square feet of office space is leased by Blackrock Inc, which has a 25 year lease with the property.

The founder and chairman of the company Michael Evans said the firm may spend up to £1.5 billion on the purchase of further Central London properties.

“Now is the time to buy the best quality assets if we can get our hands on them. The pound is very weak, interest rates are at a record low, rental demand is at an exceptional level – the best at any time since 2006”, said Evans.

He added: “London corrected more than some other markets and it has come back more quickly. We will continue to focus more on London as we feel a lot more comfortable there and the tax environment is relatively benign”.

Evans Randell owns £5 billion worth of real estate in the UK, the Netherlands, Belgium, Germany and Russia, according to Bloomberg.

A German real estate unit called Deka Immobilien pulled out of buying the Drapers Gardens site earlier this year in June.

Author: Amy Edwards | | 0 Comments

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