West Midlands Pension Fund have purchased prime office space in London.
Accountancy firm Pricewaterhousecoopers LLP will leave their St Andrew’s house offices in late 2013, to make way for the pension fund’s occupancy.
West Midlands Pension Fund has acquired 51,000 square feet of prime central London office space, after buying St Andrew’s House in conjunction with ING Real Estate Investment Management for £25.2million.
The commercial real estate located in London’s Mid-town district is currently occupied by Accountancy and consultancy firm pwC who have the lease until late 2013.
ING REIM fund manager Mike Daggett said: “West Midlands has a strong and diversified portfolio and is comfortable taking on asset management opportunities such as this.
“The purchase of St Andrew’s House adds to the fund’s existing West End holdings and will enable the fund to take full advantage of the anticipated out-performance of central London offices over at least the next two or three years,” he added.
In other London office space news, reports have shown that the serviced office space market in the UK has increased by nineteen per cent.
The findings have revealed that London is the largest serviced office market internationally and that overall, the number of service offices centres across the world continues to rise.
The capital reportedly makes up eight per cent of the total serviced office spaces worldwide putting it in equal size of the combined markets in Tokyo, Paris, New York, Hong Kong and Sydney.
Further study conclusions showed that UK has the most developed market for serviced offices, accounting for one in every three centres worldwide, with the Asia Pacific region being the smallest.