Maya Capital LLP and AnaCap Financial Partners have completed the acquisition of 160 Blackfriars Road in Southbank, London. The property consists of a 106,000 square foot office building and a ground floor commercial building currently 50% leased, as well as adjacent land for a licensed hotel project. Maya and AnaCap plan to undertake a major renovation of the existing office building and hotel development, bringing the total investment to over £ 125million. The development project, already approved by Southwark Council, consists of an 8-story 64,000 square foot hotel and affordable workspace.
Maya Capital has extensive experience with UK offices, having purchased 14 assets over the past few years as part of its UK regional office strategy. Southbank, one of London’s most sought-after submarkets, is an ideal location for the company’s first transaction in the capital, in partnership with AnaCap. Southbank is a vibrant cultural center which offers good access to the city and is increasingly popular with occupiers.
This acquisition gives Maya and AnaCap the opportunity to embark on an intensive asset management program, which includes the creation of a high-quality office building, affordable workspace, office space, public amenity and a brand new hotel.
David Pralong, Managing Partner of Maya Capital, commented: “We are delighted to announce our first acquisition in London and look forward to working with AnaCap on this exciting mixed-use program where we see a substantial investment opportunity. The entry into London marks our belief in the resilience of the London office market and the ability of ESG-focused Class A office offerings to outperform the market. We are also keen to engage with our tenants, Southwark Council and the local community to invest in this asset and achieve our ambitious plan. “
Sébastien Wigdo, Managing Director of AnaCap Financial Partners, said: “This acquisition is part of our strategy of investing in assets well located in the main European cities with high added value potential. Specifically, the transaction illustrates our belief that fully refurbished Category A offices targeting the highest ESG standards should prove attractive to tenants in a post-Covid context, while the future hotel will bring long-term value to our program and the community at large. This is our first transaction with Maya Capital and we look forward to deploying more capital with them in the future. “
The buyers were advised on the transaction by Levy Real Estate.