AXA Real Estate has completed the acquisition of a major London office development for £59m.
1 Tudor Street is a fully-let 70,720 sq ft office development occupied by eight tenants.
The Blackfriars area, where the development is located, is set to receive further boosts as a number of office and residential developments are currently underway, and the Farringdon Crossrail station is set to open in 2018.
Huw Stevens, Head of UK Transactions at AXA Real Estate Investment Managers SGP, said: “1 Tudor Street is another good addition to our Central London portfolio and builds on our theme of investing in growth assets which demonstrate first class real estate fundamentals and reversionary resilience of a relatively low base.”
“The acquisition of 1 Tudor St supplements our 2015 transactional record which comprises Camomile Court and 63 St Mary Axe, both in EC3, and 22 Bishopsgate, EC2, and further exhibits our ability to source and execute high quality transactions in the current market."
The development is the first acquisition by the Fund in the UK market.
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