RE Capital has acquired Albion House, an office building at 20 Queen Elizabeth Street in London’s Southwark, from Peabody for £15.05m.
The 29,174 sq ft building will be refurbished with architect Hale Brown and is due for completion by early 2022.
There will be a reconfigured reception area, improved ‘end of journey’ facilities, and terraces with views to the Tower of London and City office towers.
RE Capital is a privately owned, pan-European property investment, asset and development management company with offices in London, Lisbon and Geneva.
Simon Banks, its head of UK real estate, said: “Albion House represented a unique opportunity to buy a vacant and extremely well-located office in central London on an attractive basis for our capital.
“The acquisition aligns with our strategy to re-position strong underlying assets in core locations and deliver more relevant, diverse workplaces in a rapidly changing occupational landscape at a time when people are looking to return to the office.
“This latest transaction is an important milestone in our ongoing strategy to acquire up to £150m of central London offices this year.”
This transaction follows the purchase of 1-7 Old Queen Street last year.
RE Capital plans to acquire up to £150 million of central London offices this year.
JLL advised RE Capital on the £20.6m financing for the acquisition and refurbishment facility, while the loan has been provided by Invesco.