This article is from the Australian Property Journal archive
Foreign buyers are increasing their stake in the United Kingdom, with Tishman International setting a new record in the UK with purchase of an office building for $US918 million.
Tishman partnered with the UK’s largest mortgage lender, HBOS, to buy the property from British Land, which is the second largest real estate company in the UK.
British Land bought the site on Plantation Place for 15 million pounds in 1971. The building at Plantation Place was completed in 2004 and comprises 51,100 sqm of space.
It is currently fully occupied with Accenture Ltd., Wachovia Corp, Aspen Insurance Holdings Ltd and Royal & Sun Alliance Insurance Group Plc.
One Plantation place produces an annual rental income of $US47 million per annum.
According to research by Cushman Wakefield, in Europe, the UK has by far the highest level of investment transactions in 2005.
In the 2005, transaction volumes were up 29% on 2004.
Quoted property companies were the most active investors, followed by foreign buyers, who saw their share of the market rise to 34% compared with a five-year average of 24%.
By Adam Parsons
