BELTANE Asset Management has bought Pellipar House in Cloak Lane for an undisclosed sum.
The investment and asset management company acquired the property near Cannon Street in an off-market transaction from ING. It is the first purchase for the firm, which was set up by Johathan Chenery and Duncan Roe earlier this year.
The building has 29,700 sq feet of office space spread across eight floors. Beltane plans to refurbish the upper four floors, which are currently vacant, and all common areas.
Former City agents Chenery and Roe set up the firm to target assets in the UK and Europe, with a focus on the City of London.
Cushman & Wakefield acted on behalf of Beltane during the sale, while ING represented itself.
The sale is one of several prime City locations to enter the market in recent months, including the Square Mile’s tallest office block Tower 42, as investors attempt to cash in on rising rents.