The London Capital Markets team at Cushman & Wakefield has advised Hines on the £380 million disposal of The Cabot, 25 Cabot Square in Canary Wharf, London to Link REIT.
The 17-storey 481,605 square feet building is located in the heart of Canary Wharf and is let to a number of tenants, including Morgan Stanley and UK government departments. Over the past six years this Grade A asset has undergone extensive refurbishment and extension work which has increased the retail amenities and seen the public realm across the site re-landscaped.
Martin Lay, Joint Head of London Capital Markets at Cushman & Wakefield, said: “The sale of 25 Cabot Square is the largest deal to have taken place in London this year and demonstrates the green shoots of activity we are seeing in the office market following the COVID-19 lockdown. This landmark deal confirms the enduring appeal of London office assets and the UK as a key destination for overseas investment.”
Andrew Hawkins, International Partner at Cushman & Wakefield, added: “Cushman & Wakefield's London Capital Markets team, along with Hong Kong colleagues, have been working closely with Link REIT for nine months, discussing their entry point into London. We are delighted that they recognised the strong fundamentals of Hines’ development and the excellent growth characteristics of Canary Wharf.”
Link REIT is the largest REIT in Asia and this deal marks their first transaction in the UK and only their second outside of Hong Kong and Mainland China, following their acquisition of 100 Market Street in Sydney, where Cushman & Wakefield also acted on the sell side.