Commercial Property News
SEB invests in London commercial property
The firm has acquired 1 Threadneedle Street in the City of London from the Wellcome Trust.
SEB Asset Management has completed the acquisition of commercial real estate in the City of London.
The German firm purchased 1 Threadneedle Street in the capital's financial district from Wellcome Trust, with the total investment cost coming to £39.7 million (£35.6 million).
Located adjacent to the Bank of England, the building comprises of 4,991 sq m of rental space, the vast majority of which is currently occupied by legal firm Halliwells.
The deal was completed shortly before Christmas and SEB noted that the move is part of an investment strategy laid out by its SEB ImmoPortfolio Target Return Fund, which looks to acquire property around the world in “established real estate markets as well as in regions and types of use with clear growth prospects”.
This is the second property SEB has purchased in the UK in recent weeks.
It has also invested in 2 St Philips Place, in Birmingham, which features 5,890 sq m of rentable space and is let to Royal Bank of Scotland until April 2022.
Wed, 6th Jan 2010