London office sells for £150m
Brockton Capital Fund is under contract to purchase the six-story Great Minster House North in London for £150 million ($229.3 million) from London-based developer Alchemi Group. It is 100 percent occupied by the U.K. Department of Transport with a lease until June 2018. The 180,000-square-foot office building includes street retail. Alchemi Group purchased the asset for redevelopment in 2013 for $99.9 million from Irish investors Grattan. The acquisition follows the purchase by Brockton Capital Fund and Dunedin Property of a 76-property portfolio from Hansteen. The sales price was approximately $294.7 million for Hansteen’s U.K. Industrial Property Unit Trust II. The portfolio totals 3.5 million square feet of industrial properties located in England, Scotland and Wales with a combined floor area of 3.54 million square feet.