Pramerica Real Estate Investors has recently secured over £100 million of office transactions in a duo of prime commercial property deals.
Pramerica bought 20 Grafton Street, W1S, from O’Callaghan Properties for a purchase price of £47.8 million. The property was completed in 2006 and features around 26,000 sq ft of office space.
It is fully leased to Perella Weinberg Partners, a financial services firm, who have approximately 12 years remaining on their lease.
CIO of Pramerica, CIO Georg von Hammerstein, said, “Grafton Street is a prime asset located in the very heart of Mayfair, one of the most defensive submarkets in Europe and therefore ideally matches our client’s long term capital preservation and inflation hedging targets.”
Pramerica has also successfully completed the sale of 50 Broadway, a commercial property in Victoria, to an undisclosed client of Citi Private Bank. The deal is estimated to be worth £53.7 million and demonstrates continued demand in the market. The building is currently let to commercial property firm Regus and lawyer Bircham Dyson Bell.
Portfolio Manager Ben Penaliggon said, “Our objective has been to take advantage of the recent strength of the London investment market.”