PATRIZIA Partners with Far East Organization for Strategic Repositioning of Iconic Pinners Hall in London

PATRIZIA Partners with Far East Organization for Strategic Repositioning of Iconic Pinners Hall in London

(IN BRIEF) PATRIZIA has partnered with Singapore’s Far East Organization to spearhead the repositioning of Pinners Hall, a landmark office building in London, into a premier office space. This initiative aligns with PATRIZIA’s “future of the office” strategy and will expand its London office portfolio to €1.6 billion, primarily catering to Asian investors. Located between Liverpool Street and Bank stations, Pinners Hall spans 110,000 square feet and was built in 1993. In collaboration with architect firm Stiff + Trevillion, PATRIZIA aims to enhance the building’s aesthetics, optimize its internal layout for improved light and space, and incorporate amenities such as green terraces, all while emphasizing sustainability through minimized embodied carbon and material reuse. This project is part of PATRIZIA’s broader pan-European value-add program, valued at over €2.5 billion, with a goal of achieving €100 billion in assets under management by 2030, and a target of growing its value-add segment to at least €7 billion within that timeframe.

(PRESS RELEASE) LONDON, 3-Oct-2024 — /EuropaWire/ — PATRIZIA, a prominent player in global real assets, has announced a strategic partnership with Singapore’s largest private property developer, Far East Organization, to lead the repositioning of Pinners Hall, a landmark office building situated in the heart of London’s financial district. This initiative marks a significant step in enhancing the property into a premier office space.

With an enterprise value of this endeavor aimed at creating a best-in-class office environment, PATRIZIA will leverage its real estate development expertise to transform this high-potential asset in alignment with its “future of the office” strategy. The addition of Pinners Hall to PATRIZIA’s portfolio expands its managed office assets in London to €1.6 billion, primarily on behalf of Asian investors.

Constructed in 1993, Pinners Hall enjoys a prime location between Liverpool Street and Bank stations, encompassing 110,000 square feet across six stories, complete with a full-height atrium.

In collaboration with the acclaimed architectural firm Stiff + Trevillion, PATRIZIA aims to create Grade A office space that meets the evolving demands of contemporary occupiers. Preliminary design concepts focus on enhancing the building’s external aesthetics, significant internal reconfiguration to optimize space and natural light, and the incorporation of high-quality amenities, including end-of-journey facilities, terraces, and green outdoor areas to boost urban biodiversity. The project will emphasize sustainability, targeting minimized embodied carbon through material reuse and retention strategies.

To ensure the successful execution of this ambitious repositioning and leasing initiative, PATRIZIA will utilize its in-house capabilities in real estate development, asset management, corporate finance, and sustainability.

Mahdi Mokrane, Co-Head Fund Management and Head of Fund Management Real Estate at PATRIZIA, remarked, “The office sector is navigating a period of challenges, but we perceive significant opportunities for value creation. Our expertise in real estate development, coupled with our forward-looking vision for the office sector, positions us well to thrive where others may hesitate. With the confidence of Far East Organization, Pinners Hall is now among several office projects in Europe that we are actively repositioning.”

Wendy Lai, Head of Global Client Solutions for Southeast Asia at PATRIZIA, added, “Partnering with Far East Organization on this exciting project is a pleasure. Our extensive global network and local presence in core markets enable us to effectively serve our Asian clients. PATRIZIA’s robust platform allows us to connect international capital with intelligent real asset solutions, fully utilizing our integrated fund management and client service expertise.”

PATRIZIA is also nearing the completion of its significant brown-to-green office redevelopment, The Louise, located in Brussels’ city center, which spans 24 stories and will serve as the new headquarters for Clifford Chance. Additionally, the company has recently opened a fully retrofitted office at 24 Endell Street in London’s Covent Garden, accommodating approximately 48,000 square feet in a Victorian building.

The repositioning of Pinners Hall is part of PATRIZIA’s expansive pan-European value-add program, valued at over €2.5 billion, which includes a portfolio of premier city-center office developments. Alongside living strategies, smart city solutions, European infrastructure, and independent investment partnerships, value-add real estate strategies represent one of the five critical growth areas underpinning PATRIZIA’s mid-term goal of achieving €100 billion in assets under management by 2030, with a target of growing its value-add segment to at least €7 billion in that timeframe.

PATRIZIA: A leading partner for global real assets

With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 40 years. PATRIZIA manages approx. EUR 56bn in assets and employs around 900 professionals at 27 locations worldwide. PATRIZIA has been making an impact since 1984 by helping children in need, since 1992 in close collaboration with Bunter Kreis (“colourful circle”) in Germany for aftercare of children with severe diseases and since 1999 through its support for the PATRIZIA Foundation. The PATRIZIA Foundation has given more than 700,000 children and young people worldwide access to education, healthcare, and a safe home to get the chance to live a better self-determined life over the last 25 years. You can find further information at www.patrizia.ag and www.patrizia.foundation/en.

Media Contact:

Andrew Belt
Corporate Communications
Phone: +44 7442 965485
communications@patrizia.ag

SOURCE: PATRIZIA SE