BNP Paribas REIM buys Grade A building in central London for £42.5m

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BNP Paribas REIM buys Grade A building in central London for £42.5m

BNP Paribas Real Estate Investment Management (REIM) has acquired the 25 Victoria Street building in Central London for £42.5m on behalf of European Impact Property Fund.

The Grade A building comprising c. 4,984 sqm of office, retail and leisure accommodation over a c. 1,011.7 sqm site.

It is arranged over 9 floors and is multi-let to six tenants, with its floorplates ranging from 229 sqm to 623 sqm.

Originally developed by Land Securities in 1996, the property boasts strong fundamentals with a corner position and extensive frontage onto Victoria Street and Abbey Orchard Street. It is well-connected with three stations within a 7- minute walk, providing access to London Underground and National Rail services.

Swati Srivastava, Head of Institutional Sales & Investor Relations (UK, Ireland, Netherlands, Nordics and International Clients) commented: “Launched in 2020, the European Impact Property Fund (EIPF) is one of the first property funds aligned with the Paris Agreement, intending to pioneer the fight against climate change. On top of offering investors the ability to gain diversified exposure to real estate through a long-term, multi-country and multisector allocation, EIPF, an Article 9 fund, has the ambitious target of generating a positive and measurable environmental impact alongside robust financial returns to support climate transition to a low-carbon economy.”

Ben Mort, Investment Manager at BNP Paribas REIM commented: “We have been looking at opportunities within the London market throughout 2023 to secure the fund’s first entry into the UK. We have committed to 25 Victoria Street as a result of its attractive tenants and base build quality. It has strong asset management potential to further enhance its value and deliver excellent returns for investors. The fund’s business plan will target enhancing the building’s environmental status by cutting its greenhouse gas emissions as well as curbing overall energy consumption.”

Michael Elliott and Norton Rose Fulbright acted for BNP Paribas REIM. CBRE and Hogan Lovells acted for Delancey Real Estate on behalf of client funds.

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