Standard Life Investments has acquired a London location for £19.1 million.
Property investment group Standard Life Investments has announced the acquisition of 33 Charlotte Street, London, W1, for a total consideration of £19.1 million.
The property, which was bought from Capital & City PLC, comprises five floors of offices, three restaurant units and some residential accommodation.
Nigel Chapman, manager of the UK Property Fund for Standard Life Investments, said that the deal increases the company's exposure to West End property to around 12 per cent.
"We anticipate strong rental and capital growth in this sector and believe that the specific timing of lease events within the building should deliver strong performance to the fund," he added.
It is the second purchase Standard Life Investments has announced in the last month on behalf of its UK Property Fund, which was launched in 2005 for
asset financing purposes.
The previous acquisition was for a logistics warehouse on Wingates Industrial Estate in Bolton for £14 million.
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