BlueFive Private Wealth has sold Systems, a grade-A office building in west London, to Chinese retail giant JD.com, which is set to make the base its UK headquarters.
Systems, west London
The 127,000 sq ft building in Brook Green was constructed in the 1930s and was the birthplace of the world’s first business computer. Developer General Projects recently undertook a redevelopment project led by architects Buckley Gray Yeoman, which preserved the building’s architectural heritage while modernising the workspace.
A spokesperson for JD.com, a leading supply chain-based technology and service provider, said the acquisition reflects its “long-term commitment to, and continued investment in, the UK”.
JD.com launched Joybuy, its new online retail business in Europe, in March. “As our local UK headquarters, the building provides the quality, scale and connectivity needed to support our growing team. We look forward to announcing more details on our plans for the building in the coming months.”
BlueFive is a UAE-based global real estate investment platform specialising in core and core-plus real estate investment across the UK, Europe and US. It said the sale represents a successful execution of its value creation strategy following the asset’s repositioning as one of London’s most distinctive and sustainable workspace destinations.
Ashish Mehta, director, real estate, at BlueFive Capital, said: “We are pleased to complete the sale of Systems to JD.Com. This transaction demonstrates BlueFive Private Wealth’s ability to identify, reposition and deliver institutional-quality real estate assets that attract leading international occupiers. Systems is a landmark building with a strong heritage and a future-facing workplace proposition, and we are proud to have played a role in its next chapter.”
