Skip Ribbon Commands
Skip to main content

News Release


77 Gracechurch Street changes hands

Ignis UK Property Fund purchases freehold interest from Climate Change Capital

London, 21 July 2011 -The Ignis UK Property Fund, advised by Jones Lang LaSalle has purchased the freehold interest in 77 Gracechurch Street, EC3, from Climate Change Capital for £43.5 million, reflecting a NIY of 5.36%.

The mixed-use building was developed in 1985 by Land Securities and consists of basement, ground and six upper floors with a total area of 49,295 sq ft. The property is currently let to seven office tenants and four retail tenants, producing a weighted unexpired term to the tenant breaks of five and a half years.

Climate Change Capital has worked closely with the occupiers to improve energy efficiency, resulting in both landlords and tenants saving money. Efficiency measures taken include the installation of a unit in the lobby that monitors energy usage every half hour.

Tim Mockett, the Joint Managing Director of the Climate Change Property Fund said: "Purchasers are increasingly attracted to energy efficient buildings, with this building meeting EPC Level B. We are striving to make all our buildings more energy efficient in light of rising energy and carbon related costs."

George Shaw Fund Manager of the Ignis UK Property Fund said, “We are delighted with the purchase of this asset which offers an attractive blend of high quality income and asset management opportunities.”

Michael Elliott acted for Climate Change Capital.