Hayfin today announces the acquisition of 70 St Mary Axe, the iconic office building in the City of London, in partnership with Capreon from Nuveen Real Estate (“Nuveen”).

Renowned for its distinctive design and benefiting from an outstanding location in the City of London, 70 St Mary Axe is a 21-storey Grade-A office tower developed by Nuveen and opened in 2019. The asset features high-quality amenities and ESG standards, receiving BREEAM Excellent certification. The property is currently fully let to 13 blue-chip tenants, including multinational law firm Sidley Austin LLP, and is nearby to both Liverpool Street and Bank stations. With the City of London accounting for one in every five financial services jobs in the UK and generating over £100 billion in economic output in 2023, Hayfin expects the building to continue benefiting from strong economic fundamentals and growth opportunities in the area.

The transaction was majority-funded by Hayfin and supported by Capreon, with whom Hayfin has worked on real estate investments since 2017. In addition to its investment, Capreon will also be the asset manager for the building. The acquisition follows Hayfin’s acquisition of Gropius Passagen, Berlin’s largest shopping centre, from Nuveen in September, cementing the two firms’ partnership. The deal also extends Hayfin’s established historic track record within European and UK real estate investment, with over €3 billion deployed into more than 40 real estate deals since inception. The transaction demonstrates Capreon’s continued confidence in the prime end of the UK office market following the firm’s acquisition of the “Technique” building on Goswell Road, London. 70 St Mary Axe also builds on Capreon’s recent landmark deal in Q2 2025 with the municipality of Eindhoven at Brainport Industries Campus.

Carlos Colomer, Managing Director at Hayfin, said: “70 St Mary Axe is a truly landmark London office building and an attractive addition to our real estate portfolio. This prime asset has an iconic design and outstanding location. Occupier demand for top-tier City offices with strong sustainability credentials remains robust, tracking significantly above the long-term average, with the number of jobs in the Square Mile having risen by 25% since 2019 while future supply declines. This investment provides us with high-quality exposure to this market, through a state-of-the-art space that supports collaboration and meets the needs of its tenants. We look forward to being continued stewards of this exceptional building after a highly successful period for the asset under Nuveen’s ownership.”

Raphael Noe, CEO at Capreon said: “We are pleased to be investing in 70 St Mary Axe, an iconic Grade A building that reflects the quality and long-term value we seek across our portfolio. We are delighted to work with Hayfin again, a long-term partner, and to have completed another smooth transaction with Nuveen. The building’s strong ESG credentials, high-quality amenities and focus on occupant wellbeing position it well within a market where demand for best-in-class workspace remains resilient. We look forward to applying our asset and investment management expertise to support the continued performance of this exceptional asset.”

Liz Sworn, Fund Manager, at Nuveen adds: “We are pleased to have successfully divested 70 St Mary Axe to Hayfin and Capreon. After recognizing the site’s potential, we aggregated the land originally owned by TIAA-CREF, secured planning consent, and achieved practical completion in Q1 2019. Since opening, we established this landmark property as a premier Grade-A office destination with full occupancy, high-quality tenants, and best-in-class sustainability standards. The sale proceeds will be reinvested into other market opportunities, and we look forward to our continued partnership with both firms.”

Macfarlanes and CBRE advised Hayfin and Capreon on the transaction. Clifford Chance, Cushman & Wakefield and Newmark acted on behalf of the vendor. Santander and CaixaBank provided debt financing for the transaction.