AREA Property Partners and Peter Beckwith's PMB Holdings have completed the acquisition of Gartmore House in the City of London from Hines European Value Added Fund (HEVAF). The financial details were not disclosed.

Gartmore House is located at Fenchurch Street railway station and comprises 9,300 m2 of office accommodation over five floors and is fully let to fund management specialist Gartmore for a further 2.75 years.

PMB Holdings and AREA have been partners in the UK Theatre sector through the Ambassador Theatre Group and in the European Leisure sector with Aspria Clubs for over 10 years, however this is their first direct property joint venture in the UK.

Wilson Lamont, Director of AREA Property Partners, commented: 'We are very pleased to have completed such a transaction in the City of London, where for the right assets, we believe that there is a good opportunity to find and create value. We have not invested meaningfully in the City office market over the past five years, but we believe that the timing is now right for this type of deal. We are also very happy to have extended our relationship with PMB Holdings.'

PMB and AREA were represented by Everton Philips, Gerald Eve and Ingleby Trice, whilst BH2 acted for HEVAF.