Asset management firm, Real IS has taken office space in the West End in a multi-million deal that will secure them a number of further deals with high-profile and national clients.
Real IS have taken 80,000 sq ft of office space in 21 Bloomsbury Street, West End, for a deal costing £52 million.
The firm acts as the asset management arm for BayernLB commercial real estate division and will inherit the Secretary of State for Transport, Local Government and the Regions as a tenant until 2022. The Secretary also has the option to renew the lease term for another 15 years at its expiry in 2022.
The deal was secured with a joint venture of developers and London space owners, Canary Wharf Group and the Association of Real Estate Funds – an undisclosed amount was also contributed by international real estate loans company, Eurohypo AG.
Spokesman for Real IS, Andreas Heibrock, said, “We are pursuing the fund’s underlying strategy by selecting a property in a prime location and a tenant with an excellent credit standing.”
Real IS will only consider 100% ownership and have set a minimum investment size of approximately £25 million per individual property. With this, the firm are also keen to secure properties which contain highly-regarded tenants.