The £35m revamp of 71 Queen Victoria Street, EC4, has been unveiled by investor QV Unit Trust ahead of the formal launch of the building. The 187,000 sq ft office scheme, due to be completed in Q1 2014, involves the near complete overhaul of the building to provide an eighth floor and a new façade. CBRE and Cushman &
Wakefield are letting agents. Positivity is key with recovery in sight
It may be slow, but real estate’s return to health is on its way, according to industry leaders. Jones Lang LaSalle’s global chief executive Colin Dyer
and EMEA chief Christian Ulbrich teamed up to speak to EG about their views on challenges, opportunities and prospects for the global real estate industry. Dyer said the biggest challenge to the industry was negativity. “The world economy is healing,” he said. “It is slow and it
is painful and it is not the recovery we’d like to order but it is recovering. We need to focus on the positives.”
US GIANT COURTS JP MORGAN GEM
AEW Europe isunder offer to buy City trophy Exchequer Court, 33 St Mary Axe, EC3, from JP Morgan Asset Management for £82.5m, a circa 6.75% yield. The US fund manager, which manages $48.2bn (£32bn) globally, paid just under asking for the long leasehold interest in the 146,000 sq ft building. The seven-storey Exchequer Court is multilet to tenants including the Bank of Bangkok, Travellers
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London, TK Maxx, Pinebridge Investments Europe, ERM and Argo Managing Agency. The building is next to Brookfield and Great Portland
Estates’ 100 Bishopsgate scheme and is subject to substantial rights-to-light compensation. GM Real Estate and Jones Lang LaSalle were
instructed to market the long leasehold for around £85m last autumn.
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ESTATES GAZETTE MIPIM TEAM: Editor Damian Wild; News editor Samantha McClary; Features & comment editor Emily Wright; Regional editor Stacey Meadwell; Senior reporter Jack Sidders; Reporter Joanna Bourke; Multimedia editor Nathan Cross; Video journalist Paul Yandall
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