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Reports have shown that US investment in London was down 69% in 2017 compared to 2015; however, Goldman Sachs has continued to put significant amounts of capital into the market regardless of the less than favourable outlook.
The US banking giant is currently set to acquire Vintners Place — a 270,000 sq ft office building in the City of London — from US investor Crescent Heights for approximately £160 million, while earlier in the year, the bank purchased 105,000 sq ft Procession House from L&G for £70 million. It is also working with developer Riverstone Living to build up a portfolio of London luxury senior living apartments worth £2 billion — the firms have acquired a site in Fulham, on which they plan to develop 162 flats, and are looking for a further five to 10 sites across the capital.
This considerable amount of activity demonstrates the company’s continued confidence that it can achieve the typically high returns it is used to, and indicates that there may still be hope for the London office leasing market.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.