Standard Life Investments acquires BBC Commercial HQ.
Standard Life Investments has acquired 33 Foley Street on a 25 year lease from Kier Property in a sale and leaseback arrangement. Kier is refurbishing the space and is busy extending the property to increase the space from 34,000 sq ft to 42,000 sq ft of prime commercial office space.
Richard Marshall, Fund Manager at SLI Long Lease Fund was quoted as saying that “The transaction is underpinned by strong fundamentals, Foley Street is a high quality building in an area of Central London with long term growth potential. This transaction provides an attractive cash flow for the Long Lease Fund, assisting investors in matching their long-term liabilities."