ING Real Estate today confirmed it had acquired 88 Wood Street in the City for £232m.

As revealed in Property Week last month (weekly news, 11-08-2006), the landmark property has been bought from German fund Sachwert Rendite-Fonds. It is the single biggest asset purchased by ING Real Estate Investment Management in the UK.

ING Real Estate put together a co-investor partnership to acquire this major building. Co-investors include segregated account clients of ING Real Estate Investment Management, ING Central London Fund, clients of Arlington Property Investors and ING Real Estate Investment Management Long Term Incentive Plan.

The Richard Rogers-designed building provides more than 247,689 sq ft (23,011 sq m) of office space over ground and 17 upper floors.

Nicholas Gill, head of acquisitions at ING Real Estate Investment Management, said:

‘This is a real coup for ING Real Estate. 88 Wood Street provides a rare opportunity to buy into a securely let, high quality, well-located landmark office building. Through this our clients and co-investment partners can expect strong out-performance of the City of London office sector upturn.’

Strutt & Parker advised ING Real Estate, while the vendor Sachwert Rendite-Fonds was advised by Savills.