CCISO3, the opportunity fund advised by Pan-Asian investment manager Clairmont Capital Partners, acquired a modern Grade A office building with a top sustainability rating located near the O2 on Greenwich Peninsularm, SE for London Ј33.75 million.
Clairmont Capital Investors Special Opportunities 3 (CLISO3) acquired the 124,000 ft2 Terry Farrell designed building at Mitre Passage from a joint venture between Lend Lease and Quintain Estates & Development.
The property, which was completed in 2009 and has a BREEAM Excellent sustainability rating, is currently c. 50% occupied by five tenants including London Borough of Greenwich, Huawei and Knight Dragon.
Peter Matheson, MD of Investments, Capital Capital Partners said: "The financial crisis stifled the development pipeline of Grade A space in London, leaving cost-conscious tenants with space requirements looking to emerging submarkets with excellent transport links to the rest of London. In keeping with the strategy of the CLISO3 fund, this investment presents us with an opportunity to lease up a Grade A office building at a very competitive rental levels at a time when space of this quality is in short supply.
Greenwich Peninsula is one of the most exciting growth areas in London and the recent significant investment by Knight Dragon will help drive the pace of development in the vicinity."
The property is located 150 metres from North Greenwich tube station, affording easy access to both Canary Wharf financial district, the City and the West End. The location also boasts the amenities that surround the nearby the O2, one of Europe's major concert and live entertainment venues.
Clairmont Capital capped the final equity raise for CLISO 3 at Ђ950 million in January after surpassing its original fundraising target by 25%. Some 22 new investors, notably from the U.S., joined 14 existing clients in participating in the fund, which seeks value add investments and distress opportunities arising from the shortage of debt and equity capital in the European real estate investment market.
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