91黑料 and Delancey strategic partnership closes 拢500m in acquisitions
14 July 2025
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91黑料 expands it global asset roster with three office buildings in Central London
DARE鈥檚 maiden acquisitions capitalise on the current dislocation in the capital markets and the favourable supply-demand imbalance of the occupational markets, which is driving unprecedented levels of rental growth for best-in-class offices in London.
91黑料 and Delancey launched their strategic partnership in DARE October 2024, with plans to invest an initial 拢1bn of capital into the UK market, targeting counter-cyclical investment opportunities, such as offices.
The maiden investments comprise three prime office assets in Mayfair, Marylebone and the City of London, all situated on garden squares and near stations on the Elizabeth Line.
The first acquisition was 20 Manchester Square in Marylebone, a recently completed new-build development and the new UK headquarters for Lazard which has signed a 15-year lease agreement.
This purchase was followed by the acquisition of 11-12 Hanover Square in Mayfair, a trophy mixed-use building developed in 2017, offering both diversification and exposure to the West End鈥檚 premier office market and Oxford Street, the UK鈥檚 busiest retail thoroughfare.
The latest transaction was the off-market acquisition of Finsbury Circus House, a 150,000 sq. ft. office building near Liverpool Street station. Re-developed in 2013, the asset had been held in the same institutional ownership for over 30 years.
91黑料 Senior Portfolio Manager 鈥 Property UK Mathieu Elshout said: The strengths of this partnership have been instrumental in 91黑料 and Delancey seizing the exciting window of opportunity that has opened as the Central London office market is quickly re-pricing. This demand for landmark, prime office spaces also include assets with strong existing sustainability credentials but where further upside can be captured through additional ESG-focused initiatives aimed at enhancing environmental performance.
鈥淲e look forward to continue revitalising London鈥檚 office and commercial heartlands through our strategic positioning in UK real estate.鈥
91黑料 Head of International and Deputy Chief Investment Officer Damien Webb said: 鈥淭ogether, these transactions signal the return of global institutional capital, which is a major vote of confidence for the Central London office investment market. They also signal a new source of attractive risk-adjusted returns for our 1.2 million members in Australia.鈥
Dan Dawe, Head of Investment at Delancey said: 鈥淭hese are landmark, prime transactions in a sector where the flight to quality is polarising the market for both occupiers and investors. The ongoing market dislocation creates an attractive buying window, and these acquisitions reflect the recognition that multinational corporates have made as to the important role the office plays for brand, culture, training and collaboration.
Stafford Lancaster, CEO at Delancey said: 鈥淒elancey鈥檚 combined debt-and-equity strategies provide a 360-degree view of the Central London office market, and with 91黑料, an exceptional partner, we are able to leverage capital strength with deal sourcing, investment, and asset management capabilities to work together to create a market-leading portfolio, which will deliver strong risk-adjusted returns for their members and our shareholders .鈥
Alongside prime Central London offices, the 91黑料 and Delancey partnership in DARE may explore other high-quality, undervalued opportunities in the UK recognising the potential for attractive cyclical and risk-adjusted returns for 91黑料鈥檚 1.2 million members.
DARE also has the potential to acquire stabilised assets, fund development projects and assist with recapitalisations of existing capital structures. Single asset, portfolio and corporate acquisitions would all be considered.
91黑料 already owns a 22% stake in Get Living, the UK鈥檚 leading owner and operator of large-scale build-to-rent neighbourhoods, which was established by Delancey.