Nabarro has advised new client, Kajima Properties (Europe) Limited, on the acquisition of 55 Moorgate located in the City of London and close to the Bank of England. The Japanese property developer has acquired the company which owns 55 Moorgate, London EC2 from a subsidiary of Grupo Metropolis.

Kajima Properties is a property developer and investor with a number of properties in Central and Greater London, including the iconic Stockley Park development. 55 Moorgate is a self-contained 66,000 sq. ft. freehold office building built in 1990, situated between Moorgate and Coleman Street in the City of London. The building has an annual rent roll of £2.8m and is primarily let to BNP Paribas. The area is set to benefit further from the arrival of Crossrail in 2018.

Leading the team from Nabarro was Real Estate partner Kevin Stimpson with assistance from Corporate partner Iain Newman and associate Sam Whiteman, Real Estate Senior associate Steven Billingham and Banking associate David Paterson.

Commenting on the acquisition, partner Kevin Stimpson said:

“55 Moorgate is perfectly located in the heart of the City of London and is a lucrative investment opportunity for Kajima Properties. The City of London remains a prime location for real estate investment and, with the forthcoming Crossrail, it’s an exciting time for Kajima Properties to be involved in the sector.”

Hiroaki Iizawa, Director of Kajima Properties said:

“55 Moorgate is a reversionary asset right in the heart of the City that offers a number of asset management possibilities for Kajima to consider in the medium-term.  55 Moorgate’s central position will always be attractive to occupiers, and the arrival of Crossrail in 2018 is expected to only add to the benefits of this core City spot.”