Amundi eyes UK sell off

By Paul Norman - Thursday, May 03, 2018 14:08

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France's Amundi, Crédit Agricole and Société Générale’s asset management giant joint subsidiary, is eyeing the sale of its UK office investments – six London offices, one in Cardiff and one in Glasgow - for upwards of £400m on an asset by asset or portfolio basis, CoStar News understands.

Market sources this week said Amundi Asset Management had mandated Cushman & Wakefield following a competitive pitch to market the offices, which were principally assembled via its €1bn acquisition of Union Investments’ Aqua portfolio of European properties in 2015.

It is understood Amundi is planning to recycle the capital in other real estate investment strategies. It is unclear whether the UK forms part of this. It announced today that it is raising up to €500m for a new eurozone senior real estate debt fund.

On Tuesday, CoStar News revealed Amundi had appointed Cushman to bring Admiral's headquarters building in Cardiff to market for circa £90m.

Market sources this week said Cushman & Wakefield had won a competitive pitch to sell the building known as Ty Admiral.

The property comprises 220,000 sq ft of offices and ground floor retail over 11 storeys. It is located on David Street within Cardiff city centre.

Market sources this week said Amundi is also mulling the sale via Cushman & Wakefield of:

Westferry House, 11 Westferry Circus, an 140,000 sq ft office at Canary Wharf

The 42,894 sq ft 44 Featherstone Street in the City Fringe area of Shoreditch

2 Copthall Avenue, a 30,000 sq ft City office

46-48 Grosvenor Gardens, a circa 17,000 sq ft office in Victoria

1 Kings Arms Yard, a 57,000 sq ft office close to the Bank of England

8 Fenchurch Place, an 180,000 sq ft office by Fenchurch Station

And Equinox, 19 Cadogan Street, Esure’s 60,876 sq ft in Glasgow, which Amundi bought for around £33.5m in 2015

Amundi is a subsidiary jointly created by Crédit Agricole and Société Générale 2010 to regroup their asset management operations. Amundi is Europe's largest asset manager, with more than €1.4tn Assets under Management

Amundi and Cushman & Wakefield declined to comment.

pnorman@costar.co.uk

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