News / 03 July 2020

Crestbridge acts as administrator on Union Investment central-London Office deal

Union Investment has bought Procession House in London

Union Investment has bought Procession House, a central London office asset, from Goldman Sachs and Greycoat. Crestbridge acted as the administrator on the deal for the Hamburg-based real estate investment manager, Union Investment.

The office block at 55 Ludgate Hill was purchased through Union Investment’s open-ended real estate fund, Unilmmo Europa, for an undisclosed sum. Having been completely refurbished, 92% of the multi-tenant property is already let to two high-quality tenants. The vendors had themselves bought the property for £69m in 2018 from Legal & General.

Paul Windsor, Group Managing Director, Crestbridge, said: “As one of the world’s leading financial centres, London has a particularly resilient office market. The central London office sector could continue to see rental growth once the dust settles from the current COVID crisis.

We are delighted to have acted for a client of Union Investment’s calibre on this deal. Crestbridge remains focused on providing specialist support to investment and asset managers with their global real estate structures and transaction requirements.”

Crestbridge is a leading global administration, management and corporate governance solutions business.