Maya Capital and AnaCap Acquire Southwark, London Office and Hotel Scheme for £125m
Main Photo: The current Friars House
Date: October 2021
Name: Friars House – Hotel TBA
Location: Southwark/Blackfriars, London, England, UK
Number of Keys: 106,000 sqf office, ground-floor retail and 64,000 sqf 8 storey hotel with workspace
Seller: Endurance Land…TBC
Buyer: Maya Capital and AnaCap Financial Partners
The two parties, Maya Capital and AnaCap have completed the acquisition of 160 Blackfriars Road in London’s Southbank. The property includes a 106,000 sq ft office and ground floor retail building currently 50 per cent let, as well as adjacent land for a consented hotel scheme.
Maya and AnaCap intend to carry out significant refurbishment of the existing office building and development of the hotel, bringing the total investment to over £125 million. The development scheme, already consented by Southwark Council, consists of a 64,000 sq ft, 8-storey hotel and an affordable workspace.
Maya Capital has an extensive track-record with offices in the UK, having purchased 14 assets for £164m over the last few years as part of its UK regional office strategy. Southbank, one of London’s most sought-after submarkets, is a fitting location for the firm’s first transaction in the capital, in partnership with AnaCap. Southbank is a vibrant cultural hub that provides good access to the City and is increasingly popular with occupiers.
This acquisition gives Maya and AnaCap the opportunity to embark upon an intensive asset management scheme, that includes the creation of a high-quality office building, affordable workspace, public amenity space and a brand-new hotel.
David Pralong, Managing Partner of Maya Capital, says: “We are delighted to announce our first acquisition in London and are looking forward to working with AnaCap on this exciting mixed-use scheme where we see a substantial investment opportunity. The entry into London marks our belief in the resilience of the London office market and ability of Grade A, ESG-focused office offerings to outperform the market. We are also keen to engage with our tenants, the Southwark Council and the local community to invest in this asset and deliver on our ambitious plan.”
Sebastien Wigdo, Managing Director at AnaCap Financial Partners, says: “This acquisition is part of our strategy to invest in well-located assets in core European cities with strong value-add potential. Specifically, the transaction illustrates our conviction that fully refurbished Grade A offices targeting the highest ESG standards should prove attractive to tenants in a post-Covid context, whilst the future hotel will bring long-term value to our scheme and the wider community. This is our first transaction with Maya Capital and we are looking forward to deploying more capital with them in the future.”
Since 2005 AnaCap have raised €5.2 billion in AUM and completed over 100 primary investments across 16 European jurisdictions. We operate out of 7 offices in London, Luxembourg, Milan, Madrid, Lisbon, New Delhi and Mumbai.
The buyers were advised on the transaction by Levy Real Estate.
Price: Full investment £125m
Price per Key: TBA
THPT Comment: Both of these fine firms have a strong track record in office and commercial development but appear to be newcomers to hospitality…welcome and good luck…Interesting area – hardly a hotel before 2000…now 20 plus branded properties under Accor, Hilton, IHG and Marriott
First Seen: Property Funds World
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