PATRIZIA secures strategic repositioning mandate for iconic Pinners Hall in the City of London

PATRIZIA has been appointed by Far East Organization – Singapore’s largest private property developer – to partner and spearhead the repositioning of an iconic office building in the City of London.

PATRIZIA, a leading partner for global real assets, has been appointed by Far East Organization – Singapore’s largest private property developer – to partner and spearhead the repositioning of Pinners Hall – an iconic office building in the City of London. PATRIZIA will draw upon its specialist real estate development team to deliver a best-in-class office asset in the heart of London’s financial district. The partnership will see PATRIZIA leverage its global real assets platform to provide a one-stop-shop solution for a complete redevelop-to-core strategy.

Built in 1993, Pinners Hall commands a prime location between Liverpool Street and Bank stations – an area of the Square Mile emerging within the city core market. The building spans 110,000 sq ft across six storeys with a full height atrium.

PATRIZIA is collaborating with award-winning architect Stiff + Trevillion to create exemplary Grade A office space to meet the requirements of modern occupiers. Early-stage design proposals include enhancing the external architecture, major internal reconfiguration to maximise space and natural light, and the addition of high-quality amenities such as end-of-journey facilities, new terraces and outdoor space to promote urban greening and increased biodiversity. Pinners Hall will be targeting sustainability credentials, with a focus on minimising embodied carbon through material reuse and retention strategies.

As part of its strategic asset mandate solution, PATRIZIA will draw upon its in-house expertise in real estate development, asset management, fund management, corporate finance and sustainability to execute this ambitious repositioning and leasing programme.

Mahdi Mokrane, PATRIZIA Co-Head Fund Management and Head of Fund Management Real Estate, commented: “It’s no secret that the office sector is experiencing challenges. Despite this, we see opportunities for value creation. With our real estate development expertise and strong convictions for the future of the office, we are excited to be active in this space when others are not. Thanks to the trust of Far East Organization, Pinners Hall is now one of several office developments in Europe we are actively repositioning.

“With a growing EUR 1.6bn portfolio of office assets in London that we manage largely on behalf of our Asian clients, we have deep market knowledge and expertise in driving value across the full risk spectrum. And with this office redevelopment and our other recent projects in London and Continental Europe, we are driving forward our value-add strategy, which forms one of the five growth areas underpinning our mid-term strategy.”

Wendy Lai, Head of Global Client Solutions for Southeast Asia at PATRIZIA, said: “We are pleased to partner with Far East Organization on this exciting development project. Our extensive global network with ‘boots on the ground’ means we are extremely well placed to serve our Asian clients through our deep local presence in core markets. The strength of PATRIZIA’s platform enables us to connect international capital with smart real asset solutions globally, fully leveraging our integrated fund management and client service expertise.”

PATRIZIA is nearing the completion of its major brown-to-green office redevelopment The Louise in Brussels’ city centre, which spans 24 storeys and has attracted Clifford Chance as its anchor tenant. PATRIZIA also recently opened its office located at 24 Endell Street in London’s Covent Garden district, delivering a complete retrofit of the c. 48,000 sq ft Victorian building to serve as the group’s new international hub.

Pinners Hall is the latest project in PATRIZIA’s EUR 2.5bn+ pan-European value-add programme, which comprises an expanding portfolio of flagship city centre office developments. Alongside living strategies, Re-Infra and smart city solutions, European infrastructure, and independent Advantage Investment Partners (global investor clubs), value-add real estate strategies make up one of five key growth areas supporting PATRIZIA’s new mid-term strategy to be a EUR 100bn AUM investment manager by 2030, with value-add earmarked to grow to at least EUR 7bn AUM in this period.