AFIAA: purchase in London, sale in Edinburgh
The AFIAA investment foundation has acquired the "Schomberg House" office property in London's West End and in return sold a property in Edinburgh to UBS Real Estate.
AFIAA has acquired "Schomberg House" by way of a share deal. The seller is PGIM Real Estate, the real estate investment manager of Prudential Financial, on behalf of institutional investors. No details of the purchase price were disclosed. AFIAA also sold the "Quartermile 2" office building in Edinburgh to UBS Real Estate for around 28.5 million pounds (CHF 36.17 million). The property is no longer in line with the strategy, the investment foundation says.
Schomberg House" was built at the end of the 17th century, but only the striking red brick facade remains of the original building in a prominent location in St. James. In 1956, the building was converted into an office property; in 2007, it was extensively renovated. The property has around 3,500 sq. m. of leasable space.
"So far, we have been represented with two properties in London City. Schomberg House', on the other hand, is located in London's West End. This has enabled us to achieve diversification within the city. St. James is also one of the submarkets with the highest stability within London. All these characteristics make the property an ideal addition to our existing portfolio," says Ingo Bofinger, CEO of AFIAA.
