Macquarie Asset Management and MAPFRE acquire a multi-let office property in London’s ‘Square Mile’

Stable Income European Real Estate Fund – Macquarie 2 (SIEREF - Macquarie 2), jointly advised by Macquarie Asset Management and MAPFRE, has acquired an office building at 8-10 Old Jewry in the City of London.

Originally built in 1913, the recently refurbished historic property is comprised of 57,745 sq ft of high-quality office, restaurant, and ancillary space. Located 150 metres from the Bank of England in the heart of London’s ‘Square Mile’, the attractive building is a short distance from several underground and mainline stations including the new Elizabeth Line at Moorgate, providing excellent transport connectivity for tenants.

Featuring flexible floorplates, a large attractive reception and new end-of-trip facilities, the building is fully leased to tenants in the technology, banking and finance, professional services, and restaurant sectors.

Christian Goebel, Co-Head of Macquarie Asset Management’s Core/Core-Plus Real Estate strategy, said: “London maintains its reputation as one of the world’s most dynamic and resilient cities. Our team is now seeing well-priced opportunities emerge across the market, enabling us to reposition and seek to enhance the sustainability credentials of properties. This distinguished building – in the beating heart of the capital’s financial centre – represents a fantastic addition to our portfolio.”

Alfredo Muñoz, Real Estate General Manager at MAPFRE, said: “This building perfectly meets the type of asset we are looking for: a high-quality, well-located property with stable income streams. Working with Macquarie, we plan to invest to improve its energy and sustainability performance, as we intend for all our investments to be socially responsible.”

The acquisition of 8-10 Jewry follows the purchase of an office building in central Berlin by the Stable Income European Real Estate Fund – Macquarie 2 (SIEREF – Macquarie 2) announced by Macquarie Asset Management and MAPFRE last month.

Macquarie Asset Management’s global real estate team utilises its extensive network and capability across real estate investment and management to provide access to opportunities across the real estate spectrum. 

About MAPFRE Inmuebles

MAPFRE Inmuebles is the MAPFRE unit through which the insurance group makes investments in the real estate sector. Since 2018, several funds have been launched with experienced partners. Currently, more than €800 million has been committed, and the strategic focus remains unchanged: seeking out prime properties in key markets across Europe’s capital cities.

Moreover, with a constant focus on sustainability, and as part of its Corporate Environmental Footprint Plan 2021-2030, MAPFRE’s aim is to build up a portfolio of buildings holding sustainability certification which, by 2030, will represent at least 50 percent of the total floor space of office buildings the company owns that have more than 3,000 m2 of space at ground level and above.

To this end, MAPFRE is prioritizing acquisitions and complete renovations that meet these criteria. Currently, 14 of its buildings (one leased and the rest owned by MAPFRE, representing 35.5 per cent of its total portfolio) hold this certification, mostly LEED (Leadership in Energy and Environmental Design).

MAPFRE is a global insurance company. It is the benchmark insurer in the Spanish market, the largest Spanish multinational insurance group in the world, the number one insurance group in Latin America and the sixth largest carrier in Europe by Non-Life premium volume. MAPFRE employs more than 31,000 professionals and in 2022, the company’s revenue was almost €29.5 billion, with net earnings of €642 million.