Google acquires $1bn West London development
Google purchases $1bn Central Saint Giles development in London’s West End.
The sale represents a strong exit from the joint venture vehicle for both investors after developing and owning the asset for more than 10 years.
The building comprises 408,000 sq ft of office space with 25,000 sq ft of restaurants and cafes at ground floor level. The building is sustainable, benefiting from an in-use BREEAM Excellent rating.
At the western end of the site, two residential buildings contain a mix of 109 private, affordable and social apartments. The long leasehold interests of the residential buildings continue to be owned and managed by the existing owners.
Situated adjacent to Tottenham Court Road underground station where the Central line and Northern line intersect, the location offers easy access to the West End, Midtown and City business districts, and also further afield to Berkshire, Essex and South East London once the Elizabeth Line opens.
The investors in the joint venture are Mitsubishi Estate London and the L&G Managed and ReAssure funds. The sale is in line with LGIM’s business plan for the asset and concludes the partnership.
Yuichiro Shioda, MD and CEO of Mitsubishi Estate London, added: “Mitsubishi Estate London has been involved with Central Saint Giles since the development phase, and this sale is the culmination of one of our flagship projects.
“Its acquisition by Google, a company renowned for occupying only the very best buildings, is a fitting legacy for one of the West End’s most successful and recognisable developments. We remain committed to London offices, through new opportunities as well as existing schemes.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.