News Detail

BNP Paribas REIM Germany sells prominent office property in City of London

Munich, 30 June 2017 - BNP Paribas Real Estate Investment Management (REIM) Germany recently sold the Pinners Hall London office property to an Asian investor. The prominent corner building enjoys a central City location and has been under fund management with BNP Paribas REIM Germany. Encompassing just over 10,000 sqm of rental space, the asset has undergone modernisation over the past several years and is currently fully let. Main tenants are from the financial sector, Deutsche Bank, British Bankers’ Association and Banco do Brasil. The asset changed hands for above € 100 Mio, meaning above the current market value.

For BNP Paribas REIM Germany CBRE acted as broker and Eversheds Sutherland as law firm. 

The impressive building with a historic look and modern interior design was built in 1993. It is situated at the corner of Old Broad Street and Great Winchester Street in the heart of the City of London. The asset features just over 10,000 sqm of rental space on seven floors as well as a basement level. Office units range from just under 600 sqm to 1,600 sqm and can be flexibly combined to suit tenant specifications. All floors can be accessed from the central atrium. Modernisation of the property began in 2013, with measures including energy efficiency improvements with new air-conditioning and heating technology and new lifts. The office units are currently let to four tenants from the financial sector. The leases have a WALT about 6 years.