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Hermes Real Estate Exchange Contracts on One Finsbury Circus, EC2

Joint owners Hermes Real Estate Investment Management Limited (HREIM), on behalf of the BT Pension Scheme (BTPS), and clients of LaSalle Investment Management have exchanged contracts on the sale of One Finsbury Circus, EC2, with Invesco Real Estate for £141.5m.

Located in the City of London, and occupied by Stephenson Harwood, the landmark building offers 210,000 square feet of top spec office space behind a Grade II Listed façade. Comprehensively refurbished according to the principles of Hermes’ Responsible Property Investment (RPI), One Finsbury Circus has a BREEAM ‘Very Good’ rating and won the 2009 City Heritage Award for its modern versus historical grandeur interior specification.

Chris Taylor, CEO of Hermes Real Estate Investment Management, commented: “The sale of One Finsbury Circus as a fully priced asset is complementary to the BTPS investment strategy, where we are keen to anticipate the city office market cycle rather than react to it. This also allows us to redeploy capital on higher yielding stock where we can apply our proven asset management capabilities.”

LaSalle Investment management Fund Manager, Julian Agnew, commented: ''This is one of the last sales arising from a portfolio rebalancing exercise on behalf of a new client, who, with a combination of sales proceeds and up to £300 million of new investment, is seeking to create new asset management opportunities in Greater London and industrial property.''

Andy Rofe, Managing Director, Invesco Real Estate, commented: “We are delighted to have exchanged contracts on this property, which we believe is a strong core investment for our growing pan-European fund. The excellent location, which is a key target market for the fund, strong tenant, long-term lease structure and potential for strong income return combine to provide an attractive investment, which is appealing to the fund’s investors.”

GM Real Estate acted for the joint owners. Knight Frank represented Invesco Real Estate.

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