AXA to Sell $390M London Office AssetBy
A joint venture between property developer China Resources Land (CRL) and office REIT NorthStar Realty Europe Corp. is buying 20 Gresham St., a trophy office building located in the heart of London. AXA Investment Managers is selling the property for roughly £300 million ($390 million). This marks CRL’s first foray into European real estate. NorthStar is investing approximately $34 million in preferred equity for the transaction. Cushman & Wakefield was hired to assist AXA with the sale back in February.
Located at the corner of Gresham and Milk streets, midway between Saint Paul’s Cathedral and the Bank of England, 20 Gresham St. encompasses 242,807 square feet of office space across seven of the building’s eight floors. The building is situated just north of the Thames, within a 10-minute walk of several important subway and train stations, including Bank and Cannon Street…
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