The 35,526 sq m property, acquired in 2015, reflects one of Spain’s largest office assets. It has recently been refurbished to a high environmental standard, to serve as the Spanish headquarters of multinational advertising and PR group, WPP Plc. Located a short distance from Paseo de la Castellana, which forms the prime office pitch of Madrid, the building is leased on UK full repairing and insuring (FRI) terms for a period of 17 years, with annual indexation subject to a 1% collar and 3% cap.
Centrally located in Tölöviken’s Central Business District, the 11,845 sq m prime office building, with 43 underground parking spaces, reflects LEED Gold certification. Acquired last year, the property was built in 2012 and is located next to Helsinki Central Railway Station. It is fully let with a weighted average lease length of eight years and offers significant future reversion potential.
The 254-bedroom hotel sits adjacent to the Sloterdijk transport hub on the outskirts of Amsterdam, with direct connections to Schiphol Airport and the city centre. Purchased earlier this year, the asset was converted from an office property in 2010 and is ideally situated to benefit from increasing redevelopment of the area in recent years. The hotel operates on a 20-year lease and has seen strong trading performance, which is expected to continue in line with the overall growth in tourism.
The newly built Centropolis Towers in the heart of Seoul’s Central Business District, Jongno, provides one of most highly specified prime office buildings in the city. Completed in 2018, the 134,399 sq m mixed-use development has been awarded LEED Gold certification due to a range of environmental features, including innovative use of geothermal heat pumps. Across twin structures, 123,041 sq m of column-free office space sits atop a street-level urban retail arcade and an underground museum. Centropolis also offers 32 electric car charging points in addition to a shared car service. Our purchase of the complex last year, as part of a joint venture, marked one of the largest property deals in Asia Pacific.
Our flagship Haymarket development in Edinburgh will provide a world-class destination for business leisure and hospitality. The Foster + Partners designed scheme integrates 370,000 sq ft of office space, 40,000 sq ft of retail and leisure, a 190-bed four star hotel and a 175-bed Aparthotel, within a new public realm. The site, next to Haymarket Station, was purchased in 2018, with work aimed to begin by the end of this year. Completion of the first phase, comprising one office building and both hotels, is scheduled in 2022.