ABTA has confirmed that it has sold the freehold interest in its former offices at 68-71 Newman Street, London W1 to Pension Fund clients of CBRE Investment Management
Commenting on the transaction, ABTA Chief Executive, Mark Tanzer, said “The ABTA Board has made a strategic decision to sell its former offices in Newman Street. Having conducted a fully competitive bidding process, we are pleased to have achieved our target selling price. The Newman Street premises required investment to modernise the building at time when our entire focus is on helping Members come through the Covid crisis.”
The proceeds of the sale form part of ABTA’s reserves, income from which is used to provide services to ABTA’s Members and their customers. Commenting on the use of the proceeds, Mark Tanzer said “Flexibility and the ability to adapt to a changing commercial and regulatory landscape is essential. The sale of Newman Street will allow us to shape the Association for the future, and continue to provide the breadth of services that ABTA Members now demand.”
Natalie Tanner, fund manager at CBRE Investment Management commented “We are really excited by the potential of this asset, with the building’s unquestioned location and through capital investment, it gives the fund the opportunity to create a flagship asset. Our aim will be to create a modern, best in class workplace that puts ESG at the centre of the design and ongoing operation. “
Cyril Leonard advised ABTA on the sale and Finn & Co and V7 advised CBRE Investment Management
