West End office purchase for Real IS

Office design news from Morgan Lovell

Published on 27-08-2010

Asset management company Real IS has completed the acquisition of a London West End office building on behalf of BayernLB.

The fund paid £52 million for the six-storey building at 21 Bloomsbury Street, which contains approximately 80,000 sq ft of office interior space, Property Week reports.

At present, it is let to the secretary of state for transport, local government and the regions until 2022 - although the agreement includes the option for an additional 15 years' occupancy.

The property was rebuilt in 1990 and will now form part of BayernLB's commercial property portfolio.

"We are pursuing the fund's underlying strategy by selecting a property in a prime location and a tenant with an excellent credit standing," Andreas Heibrock of Real IS told the publication.

Real IS was founded in 1991 and presently has more than 52,000 individual investors. As of 2009, the firm had an investment volume of approximately €6.5 billion (£5.32 billion).

Posted by Adrian Norman