Madison International Realty has sold Five Acre Square in the City of London to Northwood Investors for an undisclosed price.
Alex Lukesch at Madison International Realty commented: “The sale of this asset follows the completion of our asset management business plan, having repositioned the building and achieved full occupancy with two lettings in the last six months. With this and the other sales, we have fully exited our Houndsditch portfolio. This transaction has allowed us to crystalize value, while at the same time passing onto Northwood a high-quality core asset that also offers them the opportunity to undertake a significant development in the medium term.”
Madison acquired the 224,000-square-foot property in 2014 as part of a portfolio of five Houndsditch Estate properties and together with Nuveen as its partner subsequently repositioned it as an institutional-quality asset through extensive refurbishment of the lobby and public areas. This also included t
