Pramerica Real Estate Investors expects to be an active buyer and seller of UK real estate in the future, according to new chief executive in Europe, Eric Adler.
As the firm unveiled £100 million (€120 million; $154 million) of deals, he said: “We will continue to evaluate what is in our clients' best interests in the London and broader UK markets and anticipate being both active buyers and sellers of UK real estate in the future.”
The comment from Adler, who became chief executive in Europe this summer having joined from Tishman Speyer, came as US-based Pramerica said it had completed two London office transactions.
In the first, it has acquired 20 Grafton Street for £47.8 million on behalf of a family office. The prime office property is only four years old and is fully leased to financial services firm Perella Weinberg Partners, with around 12 years remaining on the lease.
In the second, it acted on behalf of fund investors by selling 50 Broadway, a property in London's Victoria submarket, to a private client of Citi Private Bank.
The property is let to law firm Bircham Dyson Bell and serviced office provider Regus, and was sold for £53.7 million. “Our objective has been to take advantage of the recent strength of the London investment market,” said portfolio manager, Ben Penaliggon.