Italian pension fund enters London market
The €17.2 billion ($19.7 billion) Ente Nazionale di Previdenza ed Assistenza Medici, an Italian pension fund, has made its first foray into London’s commercial property market by buying a 50 percent stake in the Principal Place development. The seller is developer Brookfield Property Partners.
Principal Place has a total property value of £766.67 million ($1.12 billion). The mixed-use site totals 600,000 square feet and includes a 15-story office building, 20,000 square feet of retail and restaurants, apartments, and an events space. Amazon will lease the majority of the property, which will serve as its U.K. headquarters. Amazon confirmed in September 2014 that it would be moving to Principal Place.
Construction on the development is under way, with completion expected during this year before Amazon takes up residence in 2017.