Almacantar has exchanged contracts to acquire CAA House and 1 Kemble Street, WC2, from Tishman Speyer.
CAA House and 1 Kemble Street are two large inter-connected office buildings, with a total net internal floor area of 229,164 sq.ft, located on the western side of Kingsway. They are both held freehold and are leased to the Civil Aviation Authority until December 2019 at £6.2 million per annum, reflecting an average rent of £27.11 per sq.ft.
Commenting on today’s announcement, Mike Hussey, Chief Executive, Almacantar, said: “We are delighted to have acquired CAA House and 1 Kemble Street. The properties are a good fit for our portfolio extending the timeline for our value-add activities to 2020. It is a location that we expect to perform strongly given its proximity to Covent Garden and the restricted supply of office space in the West End.”
Julian Stocks, Managing Director, Tishman Speyer, said: “We are very pleased to have sold this asset to Almacantar. The funds released will be put to work on our exciting development projects which are underway in Paris and Frankfurt.”