Investment company GI Partners has joined up with Rowan Asset Management to buy Aldwych House on Aldwych in London’s Midtown.

The group paid £82.7m to Consolidated Real Estate Management Services for the freehold of the 163,000 sq ft office building, in a transaction funded by capital from GI Partners Fund III, alongside investments from Rowan and Taurus Investment Holdings.

Aldwych House was built in 1926 and last renovated in 1988. It is 89% let to 11 tenants over ten floors, and Rowan will act as asset manager, overseeing a refurbishment of the building, as well as “repositioning Aldwych House in the marketplace”.  

Existing tenants include Associated British Ports, the London School of Economics and Manches, the solicitors. 

Debt finance was  provided by Nationwide Building Society.