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News Release

London

JLL advises Credit Suisse on sale of  Plantation Place South

Investment sale completed on 164,000 sq ft of prime London office space in the heart of the City


London, 14th July 2014- Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH (Frankfurt), acting on behalf of its German Open Ended Fund CS Euroreal, has successfully completed the sale of Plantation Place South in the City of London to a Private Overseas Investor.

The prime freehold investment is located in the heart of the City’s insurance district and forms part of the Plantation Place Estate, a substantial site originally developed by British Land in 2003. The building provides 164,000 sq ft of Grade A office space over ground and 9 upper floors with stunning views of the River Thames and London Bridge on the upper floors.
 
The multi-let property offers numerous asset management initiatives including the potential for lease re-gears and renewals and a partial refurbishment of the accommodation in the medium term. All the Tenants are associated with the insurance industry.
The transaction signifies CS Euroreal’s exit from the Central London market due to the fund’s wind down following the earlier successful sale of 55 Mark Lane in December 2013, also advised by JLL’s City Capital Markets team.

Chris Gore, director in  JLL’s City Investment team, commented: “This prime property attracted good interest from a cross section of investors who were not concerned with the relatively short nature of the current income stream but could see the longer term potential within the property and the improving location. EC3 is set to continue as the home of the World’s major insurance and reinsurance companies and there are encouraging signs of sustained rental growth over the next few years”.
 
JLL and Goodwin Proctor acted for Credit Suisse Asset Management (the Vendor) and Cushman & Wakefield, London Wall Private Office LLP and Mishcon de Raya advised the purchaser.​