GI Partners and Rowan acquire Central London office building: Aldwych House

December 12, 2011

Property Magazine International

Aldwych House

GI Partners, in partnership with Rowan Asset Management, to announce the £82.7 million freehold acquisition of Aldwych House, a 163,000 square foot office building located in the heart of London’s Midtown office district. Midtown is centrally positioned between the City and the West End office markets. The transaction was funded by capital from GI Partners Fund III L.P. with investments coming from Rowan and Taurus Investment Holdings, LLC and debt finance provided by Nationwide Building Society.

Aldwych House, built in 1926 and last renovated in 1988, is currently 89% let to 11 tenants over ten floors. Existing tenants include Associated British Ports, the London School of Economics and Manches, the solicitors. Rowan will act as asset manager and will oversee a major refurbishment of the building, repositioning Aldwych House in the marketplace. This undertaking will create a rebranded offering, with an iconic modern entrance and common areas, materially improving the environment for occupiers.

Bryce Glover, divisional director for Nationwide Commercial said, "This transaction is a good example of how we continue to support experienced investors and our existing clients despite the tough economic climate. This transaction demonstrates the continuing value and robustness of the London office market, which is why we are happy to support GI Partners and Rowan in this acquisition. We look forward to working with them again in the future."

Fineman Ross acted for the purchaser while Strutt and Parker acted for the vendor.