U.K. consortium acquires London office building

An investment consortium of British Ensign Estates Limited, Allied Commercial Holdings Limited and Galavine Limited has acquired the shares of the Shuwa Ashdown House Corp., the sole owner of the Ashdown House, a major office and retail building located in London on Victoria Street. Industry sources estimate the value of the purchase at $145 million (USD). New York-based Sumitomo Real Estate Sales (N.Y.) Inc. brokered the deal for the consortium.

"This has been a tough two-year marathon, but we are thrilled we were able to work out the deal," says Steven McCoy, senior advisor for Sumitomo. "Ashdown House should enjoy an increase in yield and cash flow. As a result, the future value will be significant."

Constructed in 1975, the Ashdown House is an 11-story, 226,000 sq. ft. building that has 36,000 sq. ft. of retail space. The building has extensive frontage on Victoria Street and is adjacent to the pedestrian plaza in front of the Westminster Cathedral and is close to Victoria Station.

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