Fidelity International has acquired 99 Queen Victoria Street in London from the struggling coworking giant WeWork. The investment into the London property is the debut investment for its Article 9 Fidelity Real Estate Climate Impact Fund, according to PropertyEU.
The acquisition, sold at approximately £48 million — a 31% discount from the initial asking price — reflects a strategic move towards sustainable and flexible workspaces for the firm. The property is reported to undergo extensive renovations starting in early 2024 — with completion expected in 2025. The goal of the renovations is to enhance energy efficiency, incorporate modern amenities, and provide clear and simplified floorplates
This move by Fidelity International is suggestive of a trend in the commercial real estate industry, where investments are being made that cater to an increasing demand for sustainable, flexible, and employee-centric workspaces.
The integration of green spaces and a focus on energy efficiency aligns with broader industry trends towards a more sustainable and environmentally friendly workforce. The accommodation at 99 Queen Victoria Street is poised to create a workspace that not only meets the current demands of the workforce but also contributes to the long-term sustainability goals of the city.
Fidelity International’s acquisition and planned refurbishment of WeWork’s 99 Queen Victoria Street is not only in response to the current demands of the workforce but also aligns with long-term sustainability goals.