Aviva Investors and Obayashi acquire remaining stake in 20 Gracechurch Street

28 March 2022

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces that it has completed a joint investment with Obayashi Corporation (‘Obayashi’), one of Japan’s leading construction groups, to acquire the remaining 50 per cent share in 20 Gracechurch Street, London EC3.

The deal brings both the freehold and leasehold for the 16-storey property under the full ownership and control of Aviva Investors and Obayashi, as part of a joint venture partnership between the two firms which will focus on commercial property investments in central London. It is the third investment made by Obayashi in London, with the firm building on its established portfolio of Japanese office assets.

As part of the agreement between the two firms, Aviva Investors will also be responsible for asset management of one of London’s most characteristic postmodern buildings, which spans 270,000 sq ft and 43,000 sq ft of office and retail space respectively.                                                                                                                   

James Stevens, Head of Real Estate Investment at Aviva Investors, said:

“We are pleased to build a partnership with Obayashi at Gracechurch Street, a firm which shares our vision on the future of real estate and is well-aligned with our long-term investment strategy in the capital. We look forward to working with them in identifying these opportunities, as we build out an investment programme across central London. By bringing decision-making for the leasehold and freehold under other full control of the Partnership, we believe we will be able to continue driving its investment performance and use this to deliver positive long-term results for our investor clients.”

Jiro Otsuka, Senior Managing Executive Officer, Head of Real Estate Development Division, at Obayashi, added:

“We are delighted to increase our allocation to central London, and particularly the city’s office market, which we expect will continue to offer significant long-term potential. Partnering with a like-minded business such as Aviva Investors provides us with leading local market expertise and the ability to coinvest alongside one of Europe’s largest real estate investors. We believe we will be able to develop a compelling portfolio of assets and have every confidence that our partnership will provide us with access to attractive opportunities in the coming years.”

For more information contact:

James Morgan

Media Relations Manager

Steve Ainger

Head of Media Relations

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Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: 80 Fenchurch Street, London, EC3M 4AE. Authorised and regulated by the Financial Conduct Authority.

Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £268 billion in assets under management as at 31 December 2021.

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Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. 
Registered Office: 80 Fenchurch Street, London, EC3M 4AE. Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.

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