Acquisition of Further Stake in 20 Gracechurch Street in the City of London
Real Estate Development
OBAYASHI PROPERTIES UK LIMITED (OPUK), a wholly owned subsidiary of Obayashi Corporation, acquired a stake in 20 Gracechurch Street (20GS) from Aviva Life and Pensions (Aviva), a major insurance company in the UK. OPUK completed the acquisition of a further stake in 20GS. As a result, OPUK now owns 75% of the building, and Aviva owns the remaining 25%.
Located in the City of London's financial district adjacent to Lloyds of London and the Bank of England, 20GS is a 17-story office building with a leasable floor area of 340,000 square feet. The building stands a few minutes' walk from major tube stations including Bank, Monument, and Cannon Street, and has promising potential to be redeveloped in due course, since it is situated just outside, but adjacent to, a planning conservation area. OPUK and Aviva will examine this possibility in the coming years.
OPUK also owns Bracken House in the City. Together, these investments in London real estate contribute to a stable revenue base for the Obayashi Group. They facilitate diversity of the Group's global rental portfolio and enhance the value of our business.
|20 Gracechurch Street
|20 Gracechurch Street, London
|Leasable floor area
|340,000 square feet