Property News Broadgate West acquired for £290 million

Broadgate West

Last week a Hines and HSBC Alternative Investments Limited (HAIL) joint venture completed the purchase of Broadgate West in the City of London for close to £290 million. The Colliers International City Investment department acted on behalf of the JV purchaser with a lot of input from City Agency. Initial dealings on the transaction date back to Oct 2010 and this involved prolonged and extensive advice. This deal represents the 4th largest single transaction completed in the City this year!

The estate situated to the west of Broadgate comprises a 457,000 sq ft office complex made up of a 10-storey 243,000 sq ft building completed in 2000 and a 12-storey 214,000 sq ft building completed in 2003.  There is also planning permission for a third phase which could see an additional 450,000 sq ft new building added to the complex.

Both buildings are fully let to tenants including Ashurst, GFI, Shearman & Sterling and UBS with a rent roll of £19.4m pa for a further nine years.

Hines managing director Ross Blair said: "We are delighted to have closed this acquisition in Hines' first joint venture with HAIL, and we look forward to working together on these exciting buildings.

"We are strong believers in the City office market, and Broadgate West's impressive tenant roster is testament to the quality of the asset. There are some additional high-profile restaurants due to open in the building soon, and these will further enhance the appeal of this micro location."

Mark McAlister, Head of City Office said “This is our first landmark City Investment deal since Colliers International restructured and credit to Theo Utton-Gaunt for his consistency and competence”

Further Information

Mark McAlister
Tel: 020 7487 1852

Theo Utton-Gaunt
Tel: 020 7487 1874

Broadgate West