The fund manager has bought the building from Irish investor
Menolly on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, a
German property fund it manages.
The 183,000 sq ft building is let to 13 tenants at an average of
£39 per sq ft, which produces £7.5m in rent. The largest tenant is
law firm Orrick, Herrington & Sutcliffe, which took 45,000 sq
ft at £42.50 per sq ft in 2009.
The asset was completed and let during the downturn, and has
reversionary potential. It was owned by Menolly Investments, the
commercial investment arm of Menolly Homes, one of Ireland's
Rob Johnston, Invesco's senior director of UK Transactions said:
"Cheapside is considered to be one of the City of London's most
sought after office and retail locations as well as being the
City's main retail thoroughfare. The area has benefitted from
significant improvement in the past five years with the completion
of a number of major development and refurbishment projects,
further enhancing its reputation as a prime City location and
ensuring the area continues to attract leading occupiers. The
development of 100 Cheapside, which is on the adjacent site to our
property, will further improve Cheapside in our view."