Gryphon Advise Clearbell and MS on the purchase of E14 offices - As reported on EGI
18th February 2014
fund manager and Morgan Stanley’s Alternative Investment Partners Real Estate
division purchased the corporate entity holding 3
Harbour Exchange in London, E14, with plans to “reposition” the buildings.
blocks, located just south of Canary Wharf and adjacent to South Quay DLR
station, are circa 80% let to tenants including British American Tobacco and
launched by Mountgrange Investment Management, said that the majority of
tenants have lease events during the next three years, providing it with an
opportunity to improve common and external areas, upgrade the accommodation,
engage with tenants and relet the space.
added that the impending arrival of Crossrail in 2017, and the continued
regeneration of the Docklands, will drive tenant interest in Harbour Exchange.
partner Rob West said: “We are delighted to acquire this asset off a sensible
base price with scope to drive future value via refurbishment and leasing.
has deployed approaching £200m in three investments over the last few months.
Given market conditions we expect our rate of capital deployment to accelerate
Hong, portfolio manager of Morgan Stanley AIP Real Estate, said: “Our
investment strategy is to align with and co-invest alongside what we believe to
be best-in-class real estate fund managers around the world with a specialist
expertise in their local markets. As an existing limited partner of Clearbell’s
fund, we are very pleased to be partnering with them in this acquisition.”
Property Partners II Fund was launched in 2013 by the team behind Mountgrange.
Property Partners advised Clearbell and Morgan Stanley AIP; GM Real Estate
advised Land Securities.
Article by Bridget O'Connell, EGi Investment, 17th February 2014