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Schroder Real Estate acquires 55 Bishopsgate, London in a joint venture

21/01/2016

Schroder Real Estate has acquired 55 Bishopsgate, London EC2 on behalf of a joint venture between Immobilien Europa Direkt, a Swiss Pan European fund managed by Schroders and a strategic partner.

Duncan Owen, Global Head of Real Estate, Schroders commented:

“55 Bishopsgate is a high quality, multi-let building in a core City of London location that offers scope for value enhancing asset management. The strategy is to undertake a refurbishment in order to take advantage a strong occupier market. The property also situated within the City of London “Tower Cluster” and as such offers the medium term opportunity for redevelopment and to significantly increase massing.”

55 Bishopsgate is a prime freehold building on a 0.77 acre island site situated in a core City of London location. The property comprises 198,000 sq ft of office and retail accommodation and is multi let to eight tenants including Aon Insurance, Amalgamated Metal Corporation and retailers including Pret a Manager, Itsu and Fitness First.  The price of £187.5 million reflects a net initial yield of 4.9% and capital value of £946 per sq ft.

Immobilien Europa Direkt is an investment group of Zurich Investment Foundation. It provides investors with a diversified portfolio of commercial real estate in the main western European markets.

Schroders was advised on the purchase by Strutt & Parker and King Wood Mallesons. The Capital London Fund was advised by TH Real Estate, CBRE and Norton Rose Fulbright.

For further information, please contact:

Estelle Bibby, Senior PR Manager    

Tel: +44 (0)20 7658 3431 / estelle.bibby@schroders.com

Notes to Editors

For trade press only.  To view the latest press releases from Schroders visit: http://ir.schroders.com/media

Schroder Real Estate

Schroders has managed real estate funds since 1971 and currently has £12.4 billion[i] (€16.8 billion /US$18.7 billion) of gross real estate assets under management as at 30 September 2015.

Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.

For further information about Schroders’ property business visit www.schroders.com/realestate

Schroders plc

Schroders is a global asset management company with £294.8 billion (EUR 400.0 billion/$446.5 billion) under management as at 30 September 2015.  Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.   

With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East.  Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.

Further information about Schroders can be found at www.schroders.com.

Issued by Schroder Real Estate Investment Management Ltd, which is authorised and regulated by the Financial Conduct Authority.  For regular updates by e-mail please register online at www.schroders.com for our alerting service.



[i]Includes holdings of Real Estate Capital Partners and Schroders Multi-asset Funds in the Real Estate AUM

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