Office space totaling 65,000 square feet in London has been snapped up by Scottish Widows’ property investment funds.
The deals will see the financial giant’s Unit Funds acquire 20 Golden Square from Apperly Properties and Prospero House in Borough High Street for a total outlay of £27.1 million. Scottish Widows’ advisers on the purchases were CBRE and H2SO respectively.
The Golden Square development was acquired for £13.2 million and features 22,000 square feet of office space and is Grade II listed.
Meanwhile, Prospero House offers 43,000 square feet and cost the company £13.9 million.
Prior to the completion of the latest purchases, Scottish Widows Investment Partnership had made no acquisitions for 30 months.
However, shoots of recovery returning to the commercial property sector has seen an abatement in redemptions for its Unit Funds, thus paving the way for the purchases.
According to Property Week, the investment vehicles now have £100 million to allocate, suggesting that further purchases are likely in months to come.