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Asset manager Royal London to buy office asset for nearly £280M

Royal London Asset Management agreed to acquire the freehold interest in the 23 Savile Row property in London's Mayfair district for nearly £280 million, according to CoStar U.K.

LaSalle Investment Management Inc. and Quantum Global Real Estate's joint venture, Plaza Global Real Estate Partners, placed the property on the market in early 2018, with a price tag of about £300 million. The sale garnered interest from a global investors, including Norges, Pontegadea and Hong Kong billionaire Joseph Lau.

The office property offers 99,005 square feet of space, with financial companies occupying the six floors above ground and a 16,500-square-foot high-end gallery on the ground floor. The asset is fully leased and and generates £11.4 million in annual income.

CBRE is advising Royal London Asset Management on the sale, the Sept. 6 report added.