London-based Aerium has become the latest investor to buy from London-listed Land Securities buying a 177,000 square foot office in the City of London.
Land Securities is among a host of names, including rival Hammerson, which is keen to reduce its liabilities during the economic downturn by selling assets, enabling firms such as Aerium to capitalise.
The £105.5 million ($170 million; €122.5 million) purchase of One Wood Street, the office portion of which is let to law firm Eversheds, was completed by Aerium on behalf of its Glenn Arrow UK Property Fund. According to Aerium, the core-plus vehicle has a spending power of more than £600 million.
The property is the third large asset to be sold by Land Securities, which has £10 billion of real estate under management, in a month following the disposal of nearby Portman House to the Libyan Foreign Investment Company for £155 million and Fremlin Walk shopping centre in Maidstone to Europa Capital for £70 million.
Aerium currently manages more than €8 billion of assets across varying fund strategies and countries in Europe. In addition to London, the firm also operates from offices in Luxembourg and Switzerland.