Property Partners has bought a London office redevelopment for 拢211m (鈧�269m) from BlackRock, CarVal Investors and Quadrant Estates.
Moorgate Exchange, in the City of London, was redeveloped and completed in the second quarter of this year. The asset includes 217,465sqft of office space.
Blackrock invested in the asset in 2011 on behalf of its Europe Property Fund III.
Chris McCormack, director at BlackRock, said the site had been bought at a 鈥漜hallenging time post-crisis, when redevelopment projects were scarce鈥�.
He added: 鈥漌e sought to capture the value that the lack of development activity and future demand in the Square Mile would present.鈥�
Robert Balick of CarVal Investors, the fund manager for the project, said Moorgate Exchange was acquired 鈥渁t a time when there was a capital vacuum for office development in the City of London, and when Crossrail was not yet a factor in pricing鈥�.
He added: 鈥淲e are now exiting this ideally located asset at a time of stronger capital markets and fast growing rents. We expect the value of Moorgate Exchange to significantly increase in the coming years.鈥�
, BlackRock鈥檚 Fund III sold a central Paris property to the Norwegian Government Pension Fund Global for 鈧�425.6m.
The Madeleine building was sold by BlackRock鈥檚 Europe Property Fund III five years after its 鈧�210m purchase.
In the UK, Blackrock agreed a joint venture to invest in the UK鈥檚 industrial sector for its UK property fund.
The firm partnered with private firm Canmoor to launch the BlackRock Industrial Trust, a wholly owned subsidiary of the BlackRock UK Property Fund.
The venture, which is targeting high-yielding industrial estates valued at 拢5m-15m, aims to have a portfolio of at least 拢150m.
