An affiliate of a real estate fund advised by Morgan Stanley Real Estate Investing (“MSREI”) has, together with Greycoat, exchanged contracts to acquire the freehold of Premier Place, Devonshire Square, London EC2, from the Royal Bank of Scotland Plc (“RBS”).
The building comprises c.231,000 square feet of office and retail accommodation and will be acquired with vacant possession in January 2018. The purchaser plans to comprehensively remodel Premier Place which is close to the City’s Tower cluster and Liverpool Street Crossrail station.
The property was marketed in the summer and the opportunity is understood to have attracted investors from across the globe. Cushman & Wakefield advised RBS and GM Real Estate advised the purchaser.
Nick Millican, CEO of Greycoat, stated: “We believe Premier Place offers the ability to deliver a high quality office product benefitting from proximity to Crossrail, in a desirable location in the City of London. We are looking forward to working with MSREI, our joint venture partner.”
Shamik Narotam, Head of UK and Ireland for MSREI, stated: “We look forward to creating a high quality Grade-A plus building for the modern-day occupier in a very exciting sub-market of the City of London. The building works will be completed by summer 2019. We are also looking forward to working with Greycoat as our development and joint venture partner.”
