Ivanhoé Cambridge Grabs Office Property in London
- Mar 11, 2015
Ivanhoé Cambridge is quite keen on London’s office market and the Montreal-based real estate company has just expanded its presence in the city with the acquisition of 3 Minster Court, a 275,000-square-foot building, from an unidentified seller. The price tag on the property: approximately $256.4 million.
Developed in the early 1990s by Prudential, 3 Minster Court sits in London’s insurance district and is occupied in its entirety by the London Underwriting Centre.
“3 Minster Court meets our investment objective to build critical mass of high-quality assets in London,” Meka Brunel, executive vice president, Europe, with Ivanhoé Cambridge, noted in a prepared statement. “EC3 is one of the most sought-after office markets in London. We believe we can add value to the property over time.”
London-based real estate company Greycoat and Luxembourg-based real estate private equity firm and fund manager FREO Group acted for Ivanhoé Cambridge in the transaction, as did commercial real estate services firm DTZ. Ivanhoé Cambridge’s purchase of 3 Minster comes on the heels of the company’s acquisition of its only other London office asset, the 150,000-square-foot Stonecutter Court for approximately $168 million.
It’s not just London that’s calling Ivanhoé Cambridge; the company is actively enhancing its footprint stateside, as well. “In terms of the U.S., our strategy is to continue to build our national U.S. office platform alongside our partner Callahan Capital Properties focusing on key cities: Chicago, Denver, New York, Seattle, Chicago, San Francisco/Bay. Callahan’s expertise has been instrumental in this regard,” an Ivanhoé Cambridge spokesperson told Commercial Property Executive. In January, the company turned heads with the $2.2 billion acquisition of the 1.2 million-square-foot Three Bryant Park in Manhattan from the Blackstone Group, marking the second largest single-office building trade in U.S. history.
Ivanhoé Cambridge Makes Second-Largest Single-Office-Building Transaction in U.S.