Resolution Property has completed its purchase of 68,000 sq ft of office space at London’s historic Royal Exchange, EC3
Vendor Marcol instructed Michael Elliott and Cushman & Wakefield in March to seek bids in excess of £47.5m – a 5.63% yield – for the grade I listed building.
Resolution Property, an affiliate of Fosun International, said it planned to carry out asset management initiatives to create value from what it considers to be “underutilised space, including proactively refreshing the tenant mix”.
Oliver Jackson, head of UK investment at Resolution Property, said: “Securing the office space in such an iconic London landmark is a great addition to our portfolio and marks and significant entry to the Square Mile.
“Using our extensive expertise in repositioning assets we will be able to implement some straightforward initiatives to ensure the space appeals to the continually evolving occupier demand in the City of London.”
Resolution were advised by Estate Office and Norton Rose Fulbright.
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