LaSalle Investment Management and Trilogy Real Estate have acquired two former London Metropolitan University buildings from the Department of Education.
41-71 Commercial Road and the Met Works building, E1, which have a net internal area of 133,163 sq ft, were purchased for an undisclosed figure. The one-acre site was previously used for workshops and teaching space by London Metropolitan University.
The site was acquired with more than 40% of the space prelet to Nottingham Trent University’s Confetti Institute of Creative Technologies and Access Creative College.
Plans include the refurbishment and expansion of the Commercial Road campus to around 150,000 sq ft, leaving 80,000 sq ft of education and creative learning accommodation available for additional occupants.
LaSalle and Trilogy acquired the site in a sale facilitated by the government-owned property company LocatED.
The campus, located within London’s “tech belt”, is surrounded by student accommodation, biomedical and life sciences buildings.
Robert Wolstenholme, founder and chief executive of Trilogy Real Estate, said it was the second major education campus the joint venture had brought to Tower Hamlets.
He said: “We previously developed Republic, a 600,000 sq ft campus where education meets business, which demonstrated that London’s youngest and fastest growing borough is a great place to be training the talent of the future.
“Our project will bring the campus back into use as a centre for higher education, upgrading it to create world-class space fit for the 21st century economy,” he added.
LaSalle managing director Chris Lewis said the site was a great example of LaSalle’s growing investment strategy “focusing on creating urban higher education and science accommodation in major gateway markets”.
He said: “Working with Trilogy to secure prelets on more than 40% of the space provides strong downside protection in this economic environment, and we are looking forward to working closely with Trilogy to replicate the success of our prior investment in East India Dock.”
Kauffmans acted to structure the pre-leasing agreement for both occupiers and advised LaSalle and Trilogy in the acquisition. Cushman and Wakefield acted for LocatED.
Source by Chanté Bohitige | EGI
