Docklands' Harbour Exchange bought in £37m deal
The impending arrival of Crossrail and the continued regeneration of Docklands has been cited as reasons behind the purchase of Harbour Exchange by fund management business Clearbell.
A £37million deal was announced on Monday morning for the three building development near South Quay on the Isle of Dogs. It was previously owned by Land Securities Group.
Clearbell Capital LLP, a leading private real estate fund management business, and its partner in the venture, Morgan Stanley Alternative Investment Partners Real Estate, will look to increase the value of the site by "improving common and external areas, upgrading the accommodation" and "engaging with tenants and re-lettings".
Rob West, partner at Clearbell, said: "We are delighted to acquire this asset off a sensible base price with scope to drive future value via refurbishment and leasing.
"Clearbell has deployed approaching £200m in three investments over the last few months. Given market conditions we expect our rate of capital deployment to accelerate throughout 2014."
Catherine Hong, portfolio manager of Morgan Stanley AIP Real Estate, added: "Our investment strategy is to align with and co-invest alongside what we believe to be best-in-class real estate fund managers around the world with a specialist expertise in their local markets. As an existing limited partner of Clearbell's fund, we are very pleased to be partnering with them in this acquisition."