Aberdeen Standard Investments have made a double investment in Harley Street, committing £40m to back the growth of medical technology in the UK.
The Standard Life Investments Long Lease Fund has bought the freehold of two buildings at 95 and 97 Harley Street in London from Anglo Suisse Investments.
Both buildings are let on long-term leases until 2040 and are guaranteed by HCA International, who form part of the world’s largest private hospital group. The adjoining period buildings are spread over five floors with 97 a Grade II listed building constructed in 1777, and 95 dating back to the late 1800s.
Both properties were recently refurbished to provide state-of-the-art facilities and cancer treatments at the cutting edge of medicine. The properties are on the western side of Harley Street, surrounded by some of the world’s most prestigious medical practices, including The Harley Street Clinic, The London Clinic and The Heart Hospital.
Richard Marshall, fund manager, said: “Harley Street has become a centre of global medical expertise and the growth in private medical tourism has allowed many facilities there to invest in the latest technology and pioneering medical techniques. As a result, real estate here has performed differently compared to other central London office locations with much less volatility over the economic cycle.”
CBRE represented the Standard Life Investments Long Lease Fund and VANHAN represented Anglo Suisse Investments Ltd.