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US private equity firm GreenOak has sold Dixon House on Lloyds Avenue in the City of London to European insurer Mapfre for £35.5 mln (€46 mln).

Mapfre will also fund the completion of the rebuild works at a cost of £15.8 mln. GreenOak will manage the works which are being carried out by ISG.

Mapfre expects to occupy 15% of the space with GreenOak managing the lease-up of the remainder on Mapfre’s behalf. The scheme’s leasing agents are Knight Frank and Allsop.

Funds managed by GreenOak acquired Dixon House in July 2013 for £18.1 mln in an off-market transaction with the intention of carrying out a major rebuild behind the Grade II listed façade of the building and lease up of the space following completion.

Having secured vacant possession, GreenOak gained planning permission for a Fletcher Priest Architects scheme involving a major reconfiguration of the floor plate and the addition of two floors. Work on the refurbishment commenced in Q3 2015 and will complete in Q1 2017.

Toby Phelps, partner at GreenOak said 'Dixon House will provide them with a world class home in the heart of the City’s insurance district, opposite the Lloyds Register of Shipping. Their selection of Dixon House is a huge endorsement of GreenOak’s ability to identify under-managed assets and execute asset management plans that can deliver high quality accommodation to today’s modern occupiers. As a leading global insurer, Mapfre’s decision to make Dixon House their London HQ highlights the quality of the location as well as the design and specification for this building.'

GreenOak were advised by Berwin Leighton Paisner and Mapfre by CBRE and Simmons & Simmons.