Alinor expands RE portfolio with London office acquisition

Alternative credit investment firm Alinor Capital Management has expanded its real estate portfolio with the acquisition of a London office asset.

Alinor Capital, alongside UK and Irish real estate asset manager Lugus Capital, has acquired Garden House, a vacant office building in the City of London, in partnership with development partner Pillar Development Management. The office asset comprises approximately 54,000 sq ft of gross internal area and is located on Throgmorton Avenue.

The partners plan to refurbish the building, delivering premium workspaces, end-of-trip facilities, terraces and an enhanced reception area. Upon completion, the building is expected to have a gross development value of more than £70m, the firm’s said.

“This transaction reflects our continued focus on acquiring high-quality real estate assets in resilient urban markets,” said Alex Mahler, co-founder and partner at Alinor Capital Management. “We see continued demand for best-in-class, well-connected, and sustainable workspaces and look forward to partnering with Lugus and Pillar to transform Garden House and create long-term value for occupiers and investors alike.”

The acquisition marks Alinor’s third real estate investment this year, specialising in European alternative credit and has a flexible mandate that extends to hard assets, including real estate.

For Lugus, the deal represents its first major London office acquisition as the firm adds UK assets to its existing €900m (£778.6m) portfolio.

“Garden House is an important marker for us as we deliver against our stated ambition to grow our UK investment footprint,” said James Ghent, managing partner of Lugus UK. “It reflects our focus on prime assets in prime locations, where strong occupational demand and structural supply constraints can support high-quality real income for our investors.”