Trinova Real Estate sells 24 Martin Lane to AEW Europe

Trinova have sold the freehold interest in 24 Martin Lane, London EC4 to a fund managed by AEW Europe in an off market transaction. The property comprises 34,228 sq ft of office and retail accommodation, and is multi let to seven tenants.

Edmund Costello, Partner at Trinova Real Estate commented:

“Following the acquisition of 24 Martin Lane in Q2 2013, we set about solving the technical issues which existed at the property. We identified two phases of works needed to complete a physical repositioning of the property. Phase one focused on replacing the air conditioning system with a modern highly specified system matched to the occupational requirements of the tenants. This work was completed with all tenants in situ and unaffected ahead of schedule in Q3 2014, and the success of the work led us to complete a number of lease re-gears ahead of scheduled lease events. Phase two focused on the cosmetic upgrade of the property, but before we commenced this phase we received a number of approaches interested in acquiring the asset. One such approach from AEW presented us with an attractive offer from a highly credible institutional purchaser, which offered our investor the opportunity to realise an investment return substantially ahead of underwriting.”