On behalf of the new NPS Central Property Limited Partnership, Rockspring property Investment Managers LLP has begun the process of acquisition of a number of real estate assets, as per the announcement by the company recently. The first such acquisition to be concluded is that of 88 Wood Street, London EC2, which was purchased at a price of £184 million from ING Real Estate investment. Another transaction completed by the firm is the acquisition of a 50% stake in 40 Grosvenor Place, London, SW1 from Invista Real Estate Investment Company for £85 million.

The 88 Wood Street iconic building has an annual income of over £12.6 million across its 17 floors, which house companies like Bryan Cave, Mitsubishi, National Australia Bank, Hewlett Packard and Collins Stewart Ltd. The total area is about 247,000 sq ft. Most of these leases are long term, with an average duration of ten years more to run. In addition, Rockspring will be taking over Bayern LB’s debt facility of around £91 million.

The second acquisition, that of 40, Grosvenor Place is located in the central London district of Victoria and has six floors of office space. These are occupied by companies such as Bluecrest, Capital International LEK Consulting and EDF Energy, to name a few. This property currently has a total annual income of about £12 million, which will be split with the other partner, the Grosvenor London Office Fund (click here for desk space London info).

Rockspring announced that it has made both acquisitions under a new investment mandate for the National Pension Service of Korea.

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