Mitsui/Stanhope complete Angel Court buy

The 200,000 sq ft 21-storey office tower has planning permission for an extensive redevelopment and was bought for £65m.

Hideto Yamada, managing director of Mitsui Fudosan, said: “We are pleased to add this outstanding development opportunity in a core City location to our growing London portfolio. This recent purchase once again demonstrates our long-term confidence in the City of London office market, and our strategy to invest in and create top quality buildings. We are looking forward to working together with the City Corporation and the Clothworkers’ Company to continue the good work already undertaken by TIAA-CREF and the design team, in order to deliver a new City landmark of the highest standard.”

David Camp, chief executive of Stanhope, said: “The partnership between Mitsui Fudosan and Stanhope goes from strength to strength and this latest acquisition gives us another blue chip asset and redevelopment opportunity in a prime location in the heart of the City.

“The City of London will increasingly be a market with a limited supply of high quality office buildings and cumulative demand. One Angel Court, once redeveloped, will be a high quality and sustainable addition to the skyline with great views across London.”


Source: James Buckley, CoStar News