South African firm makes £70m UK splash

Investec Property Investments has teamed with London wealth manager Credo to acquire a central London block. Investec's investment is being made via its GLL Special Opportunities Fund.

South African firm Investec Property Investments has acquired an office in London for around £70 million (€81 million; $115 million).

The division of specialist bank Investec has teamed up with London-based wealth manager Credo Property Group to acquire 20-24 Carlton House Terrace from Hermes Real Estate, the pair said in a statement.

They added that Darfield Investment Holdings, a joint-venture company funded equally by the Investec GLL Special Opportunities Fund and Credo was making the purchase.

The property is occupied by a subsidiary of mining giant, Anglo American. Aside from office space Anglo occupies, there are also a number of apartments at the property. The City of Westminster pays rent on these.

Investec jointly manages its opportunities fund with GLL Real Estate Partners, which is a Munich-headquartered firm with around €3 billion of assets under management. The opportunity fund has €150 million of equity commitments.