STMENT manager Pramerica announced the completion of £100m of property transactions yesterday, in a sign that the prime London office market is beginning to move.
The real estate investor bought 20 Grafton Street in Mayfair for £47.8m, on behalf of a family office. The building is currently fully leased to investment bank Perella Weinberg Partners, with around 12 years remaining on the lease.
The firm has also completed the sale of 50 Broadway in Westminster for £53.7. The office block, let to lawyers Bircham Dyson Bell, was bought by an unnamed client of Citi Private Bank.
“Our objective has been to take advantage of the recent strength of the London investment market”, said Pramerica portfolio manager Ben Penaliggon.
Pramerica owns property across Europe and the Middle East with a net asset value of $4.1bn (£2.66bn).