03 July 2012
BNP PARIBAS REAL ESTATE ACQUIRES BARCLAYS HOUSE ON BEHALF OF CLIENT
BNP Paribas Real Estate, the leading international property adviser, has purchased Barclays House in Wimbledon from Ignis Asset Management, on behalf of a Middle Eastern client for £3.6m, reflecting a 5.5% net initial yield.
BNP Paribas Real Estate, which also acts as the site’s property manager, worked with the current occupier, Barclays Bank, in order to extend its lease by a further 12 years, allowing the company to continue to utilise the 11, 208 sq ft building as its premier branch and office location in Wimbledon.
Gregor Wallace, director of West End Investment at BNP Paribas Real Estate, commented: “We secured the acquisition quickly on behalf of an important client of BNP Paribas Bank to avoid market competition. The transaction process was smooth given that we already managed the building for the vendor. ”
Hanover Green advised the vendor.
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