AFIAA buys office building in London
The AFIAA investment foundation has acquired an office building in London's West End by asset deal. The seller is Bayernfonds Grossbritannien 2, a fund of Real I.S. AG.
The property is 14 Tothill Street, a building constructed in 1916. It is located in the Victoria submarket and was extensively renovated and modernized in 2007. It has seven upper floors and 5,500 square feet of usable space. 14 Tothill Street is fully leased to the administrative unit of the House of Commons of the British Parliament. The property is connected to London's public transport network via the nearby St. James's Park Underground station.
AFIAA and Real I.S. did not disclose the purchase price. The newly acquired property on Tothill Street is an ideal addition to the existing portfolio in central London, says Sebastian Feix, Global Head of Transactions at AFIAA. To date, AFIAA holds properties in City, Midtown, Soho and St. James's.
In the transaction, the seller Real I.S. was advised by Cushman & Wakefield, which has also provided property management services for the building over the past ten years. Legal advice on the seller's side was provided by Freshfields Bruckhaus Deringer in London and Heussen in Munich. (ah)
