NorthStar Realty Europe Sells $95M London Office Complex
- Nov 28, 2017
NorthStar Realty Europe Corp. has completed the sale of Dukes Court in Woking Borough Council. The company sold the asset for £72 million, or $95 million, 18 percent above the purchase price.
Located in the center of Woking, in Greater London, Dukes Court comprises 224,000 square feet of office space on a three-acre site. The location has transport connections to the capital and the rest of the country, with road links and Central London 25 minutes away by rail. Built in 1986 and upgraded between 2008 and 2012, the asset provides on-site amenities including:
- ample parking
- cycle storage
- fitness facilities
The property boasts an active management efforts, including releasing more than 50,000 square feet, realizing 13 percent rental growth since acquisition and maintaining 100 percent occupancy throughout the three year ownership period. Major tenants of Dukes Court include HMRC, Kuwait Petroleum and Fidessa Group.
“We are pleased with our investment in the Duke’s Court property which represents yet another example of value creation NRE can achieve through active management of prime office properties in western Europe,“ said Mahbod Nia, CEO of NorthStar Realty Europe, in prepared remarks.
In May, a joint venture between NorthStar Realty Europe Corp. and China Resources Land acquired 20 Gresham St., a trophy office building in London.
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