Addleshaw Goddard's market-leading real estate team has advised developer HB Reavis on a strategic Central London acquisition.
Elizabeth House, Waterloo has a prime location adjacent to the UK's busiest station. HB Reavis plans to deliver a new 945,000 sq ft mixed use scheme comprising 753,000 sq ft of commercial floorspace, 142 homes and public space totalling 192,000 sq ft.
Tomas Jurdak, CEO, HB Reavis UK, said: "We’re excited to add Elizabeth House to our portfolio. The development provides a unique opportunity for us to deliver a building that will transform the area through our considered approach to development and placemaking. The deal aligns with our strategy of acquiring well-located sites in London with significant potential to deliver innovative, contemporary office schemes that employ the latest technology, are heavily focused on the needs of their occupiers and improve life for those who use our buildings as well as the surrounding community."
Addleshaw's team was led by Lee Sheldon, real estate partners Leona Ahmed and Hemal Kotecha.
Leona Ahmed and Lee Sheldon, joint real estate sector heads remarked "Waterloo's full potential is yet to be realised and we are delighted to have advised HB Reavis on this transformational development opportunity. Elizabeth House attracted interest from a range of global investors and cements HB Reavis' reputation as one of the key London developers.
Notwithstanding market head winds, the London office market is continuing to perform well thanks to continued domestic and foreign investment. The development of this key central London hub further demonstrates confidence in London as a Tier 1 City."