Hannover Leasing acquires office space within the City of London.
German fund management company purchase high quality offices in London.
A 19-storey high quality office block has been purchased by closed-end fund management company Hannover Leasing. The international firm has acquired 30 Crown Place from the Greycoat Central London Office Fund. This is the latest in a series of high profile office purchases in the heart of the UK capital.
Hannover Leasing acquired the property for £139 million a price that represents an initial net yield of 5.1%. Crown Place currently holds a total of 198,000 square feet of high quality office space. The building is also entirely leased and the annual rent roll is £7.16 million a year which means that office space costs around £37.30 per square foot in Crown Place.
Currently the London office space is 85% leased by law specialists Pinsent Masons and the remaining 15% is leased by Crown Place Financial. Pinsent Mason’s lease contract spans 20 years and consequently expiries in 2030. The company has also stated that once Crown Financial’s lease is up in five years time it will occupy the entire property.
Crown Place was only completed in 2009 and has quickly changed hands to Hannover Leasing. During the proceedings the company was represented and advised by Franc Warwick. Greycoat Central London Office Development chose to seek advice from high profile property specialists CB Richard Ellis.