In the first quarter of the year, 24 deals were completed in the London City offices market with a total investment volume of £1.56 billion, according to Colliers International.
The firm notes that although investment volumes were down 25% compared to Q1 2019 (£2.1 billion), the number of deals transacted remained in line with the 25 recorded in the first quarter of last year. Key deals in Q1 this year included Union Investment’s 50% stake in Watermark Place, the c. £140 million acquisition of Procession House also by Union Investment, and the £55 million sale of 130 Wood Street by Lum Chang to a Japanese investor.
Dominic Amey, head of City Investment at Colliers International, commented: “This quarter has been a tale of two halves. Despite the amount transacted being lower than last year’s first quarter, there was still a healthy number of deals happening as we witnessed a post-election bounce.
“Of course, by mid-March some transactions had started to pause or faulter, affecting what would have otherwise been a much stronger quarter. The second quarter will undoubtedly be quiet, but the London market has always demonstrated an ability to bounce back.”
