Aprirose, the real estate investment company, has sold Holborn Central, the prime office and retail asset above Holborn Underground Station, to Eido Hagag (owner of listed company Hagag Group) for £52m.
Holborn Central is an island site in the heart of London’s Midtown. It sits above Holborn Underground Station and on the junction of High Holborn and Kingsway, comprising a total of 67,707 sq ft of predominantly office space, with some retail let to tenants such as Vodafone and Crispy Kreme.
Since acquiring the asset from Transport for London in 2019, Aprirose has executed a capital expenditure programme which has include enhancements to the façade, reception upgrades and refurbishment of one of the office buildings. The second office building, 88 Kingsway, has been fully stripped out ready for refurbishment.
The building and surrounding area are part of a vibrant location in Central London with great transport links. Midtown has become the location of choice for a wide range of occupiers from the TMT, financial and legal sectors.
Meenal Devani, Chief Investment Officer, Aprirose, said: “We are pleased to have executed the sale of this asset which illustrates the value created through our capex programme. The sale of the asset vindicates our strategy of buying very well-located buildings in growth areas and close to key infrastructure nodes - a strategy which has delivered value growth and resilience across asset classes through the cycle.
“Aprirose continues to invest heavily in industrial and alternative real estate sectors and, in the last year, has invested significantly in Central London hotels, affordable PRS, elderly care, gyms and industrial real estate. We continue to look for similar opportunities to deploy our capital.” Eido Hagag said: “Hagag Group, one of Israel’s leading property developers has purchased this amazing island site in a great location with the purpose to develop something outstanding, something unforgettable and we will be starting work immediately.’’
This is Hagag’s second Midtown acquisition following on from 1 Fetter Lane EC4.
Knight Frank acted for Aprirose, Eido Hagag was advised by Richard Susskind.