Ropemaker place, a twenty-one story building within walking distance of Moorgate station, has been purchased by a subsidiary of Singaporean-listed company, Ho Bee Land, in a mammoth £650m purchase.
The building, which houses investment banks such as Liberum and Macquarie Group, has been sold in a joint venture comprising a European and two Asian investors through global asset manager AXA Investment Managers.
The sale of the 620,000 square feet investment comes as a strong sign of confidence in the long-term prospects of the British economy. It follows the sale of the UBS headquarters last week, which were purchased by a Hong Kong property for £1bn.
It is the latest sign of international confidence in the Asian market. Ho Bee Land Chairman and Chief Executive, Chua Thian Poh said that
Despite Brexit, London has proved resilient and maintained its position as the world’s top financial city ahead of New York. We remain confident of the long-term prospects of London.”
Mr Poh subsequently went on to discuss how Brexit was providing opportunities for international investors to look more closely at the British economy saying that:
The Brexit uncertainty has, in fact, provided us with the opportunity to suss out excellent investment opportunities like Ropemaker Place.
The head of UK transactions at AXA Investment Management, Huw Stephens, has echoed this sentiment and has stressed that the City of London, as one of the leading global centres for international business and one of the world’s most transparent and liquid real estate markets. He stressed that into the future, London will remain a key target market and one where AXA IM will continue to look for further opportunities.