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LONDON-A prime mixed-use building in the city’s West End commercial district has changed hands, as GE Real Estate UK and Endurance Land Ltd. jointly acquired the entire issued share capital of Winterdome Ltd., a special purpose vehicle that heretofore held the freehold interest in 10 Great Pulteney St. The partnership secured the asset from Coronation Ltd. for a consideration of $104 million.

“We are delighted to have concluded this acquisition with GE that will allow us to tap into the solid Central London market,” Endurance Land managing director Jonathan Fletcher says in a release announcing his firm’s latest investment. The West End district and Central London as a whole have been enjoying encouraging office rental growth, reports Fletcher, who predicts that trend will continue well into 2008.

Ten Great Pulteney St. features a slice of retail and five residential apartments, but is primarily an office building encompassing 47,000 sf on seven floors. That element is entirely leased to Microsoft Corp., which in turn has sublet the space to Nokia. Income stream from the building is estimated at $4.7 million annually, and the new buyers say they are weighing options that could allow them to boost the revenues over the near term.

“We are confident we can add value to the asset whilst offering our tenants a high quality office environment,” says GE Real Estate UK managing director Mike Rowan. The pedigree of the tenant roster speaks to the attractiveness of the asset, he says, adding a past relationship with Endurance Land gives GE further confidence that the deal is a prudent way to increase its exposure in London. Earlier this year, the two entities teamed to acquire another London property, 85 Clerkenwell Rd., a 32,000-sf asset purchased for $23 million.

GE Real Estate UK has been pursuing investment opportunities in London and surrounding markets since 2004. The division of Stamford, CT-based GE Real Estate Investments in June paid $90 million for two commercial buildings near London and also announced renovation of an existing 25,000-sf office building in the city’s Mayfair submarket. Close to $1 billion in product has been acquired by GE in 20 deals throughout Greater London since 2004. Endurance Land is a London-based real estate investment group with expertise in value-added development in the city and nearby markets.

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