London office space acquired by Ignis UK.
77 Gracechurch Street purchased in multi-million deal.
Ignis UK Property Fund has announced that it has purchased London office property 77 Gracechurch Street, EC3. The company acquired the property from Climate Change Capital in a deal valued at around £43.5 million. The office property is currently being utilised as a mixed used development that currently houses both company offices, retail and food outlets.
The commercial property is currently fully leased to seven office tenants, several retail companies, one pub and a restaurant. The building was developed by Land Securities during the mid 80s and then refurbished in 2008. The property features a basement and seven floors that provide a total of 49,295 square feet of commercial space.
Commenting on the move Tim Mockett, joint managing director of the said: “Purchasers are increasingly attracted to energy efficient buildings, with this building meeting EPC Level B. We are striving to make all our buildings more energy efficient in light of rising energy and carbon related costs.”
Climate Change Capital acquired the property’s freehold in 2010 for the price of £33.9 million from previous owners Greenhills Real Estate. Due to the nature of its business the company has successfully reduced the building’s running costs through the use of environmentally friendly solutions.
“We are delighted with the purchase of this asset which offers an attractive blend of high quality income and asset management opportunities,” commented Ignis UK Property Fund’s fund manager George Shaw.