Overview
Investment Details
Investment Rationale
Joint venture reflects shared conviction in Central London’s prime office market
SIGNAL, the alternative investment firm specialising in European credit and real estate opportunities, and W.RE, the London-focused independent development and asset management firm, have completed the acquisition of 10 Lime Street, EC3 (“10 Lime Street”), a landmark asset in the heart of the City of London totalling 54,611 sq. ft. The joint venture has purchased the building from global reinsurer SCOR. This acquisition reflects both parties’ strong conviction in the strength of occupier demand for prime Central London office space, underpinned by high quality amenities and excellent transport connectivity.
10 Lime Street is a Rolfe Judd–designed 2009 development comprising modern office and retail accommodation arranged over lower ground, ground and seven upper floors. The building occupies a highly prominent corner position at the junction of Lime Street and Leadenhall Place, adjoining Leadenhall Market and directly opposite the iconic Lloyd’s building. Situated within a concentrated range of retail amenities and five key London stations, the building provides excellent connectivity and access for potential tenants.
SIGNAL and W.RE will carry out a full refurbishment of 10 Lime Street to achieve a Grade A specification, EPC A and full ESG certification to best position the building to benefit from the current demand for high-quality office and retail space in the City. W.RE will be responsible for managing the delivery of the refurbishment.
Colman McCarthy, Partner, Real Estate Investment at SIGNAL, commented: "Our ability to identify the opportunity early and act quickly enabled us to secure this prime asset at highly competitive pricing. 10 Lime Street is a standout building in one of London’s strongest office submarkets, where an acute lack of supply, low vacancy rates and significant rental growth create an exciting opportunity for us. Its prime location, strong transport links and high-quality space underpin the resilient demand we continue to see for well-amenitised offices in the City. With W.RE, we see clear potential to further enhance the asset so it continues to meet the needs of modern occupiers and attract top-tier tenants, supporting long-term rental growth."
Andrew Haines, COO, W.RE, said: "We are thrilled to embark on this partnership with SIGNAL on such a landmark asset. 10 Lime Street offers an exceptional opportunity to create a best-in-class office building in the heart of the City. Our refurbishment plans will deliver Grade A specification, EPC A, and full ESG certification, ensuring the building meets the highest standards of sustainability and occupier experience. With new terraces, enhanced tenant amenities, and a focus on quality, we are confident this project will set a benchmark for modern workspace in a market where prime space is in short supply."
About SIGNAL
SIGNAL is a €4.8bn London-based investment firm focused on opportunistic credit and special situations across private and public markets in Europe. Founded in 2015 by a seasoned management team with decades of experience in complex investing, the firm combines investment discipline with strategic innovation to deliver consistent performance for investors across market cycles.
About W.RE
W.RE is a London-based real estate developer and asset management firm, with a focus on underperforming real estate to drive strong social, environmental, and financial outcomes. For W.RE, good design is sustainable design. The company adopts a re-use first approach to development wherever possible, working with up-and-coming consultants to unlock each building’s potential. Notable development projects include the redevelopment of Clapham Junction’s renowned historic department store, Arding & Hobbs, a repositioning of three Grade II listed buildings to create a best-in-class office space at 75 Grosvenor Street in Mayfair, and St Pancras Campus, a transformation of an underutilised industrial estate into over 200,000 sqft of mixed-use space, including light industrial and office workspace alongside private and affordable housing, in the heart of the Kings Cross Knowledge Quarter. W.RE has delivered £1.6bn of assets to date and has £700m AUM. Recognising the company’s focus on environmental and social outcomes, W.RE achieved B Corp certification in December 2022.
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