The early 1990's landmark building is situated next to Victoria Station provides 190,000 sf of grade A office space and 10 retail units. The office space is let to the UK Government until 2021 and the overall rental income is currently £11.2 million ($18 million) per annum.

Delancey bought the property in 1999 on behalf of a limited partnership of institutional investors including the German insurance companies Victoria Lebensversicherung and Provinzial RheinlandLebensversicherung , both represented by TMW Immobilie, a Munich-based real estate investment management company. Delancey restructured the Government's leases by extending the terms and introducing rent reviews with annual uplifts. It is this cashflow that has proved to be particularly attractive to the debt driven investment market.

PindThis is the fourth acquisition by Pinder Fry & Benjamin's GOLD Property Limited Partnership. The manager raised the £28 million ($45 million) of equity required to complete the deal, in minimum units of £25,000 ($40,000) over a period of eight weeks.

FPD Savills represented the vendor. Cushman & Wakefield Healey & Baker acted for PFB and will be retained as property manager.