Associated Property International buys new European HQ

Associated Property International has completed its purchase of 3 St James’s Place, SW1, which will become its new European headquarters. The subsidiary of US-based Associated Capital Group will share the space with its affiliated company Gabelli Asset Management UK. It is understood to have paid Skagen just over £8m for the freehold of the Grade II listed building, which was built in 1685. The firm said the move was an indication of its confidence in London’s central role in the global financial services sector. Doug Jamieson, president of Associated Capital, said: “The acquisition of a listed London property offers a clear indication of our intentions to grow our UK and European businesses from an already strong base.” Savills advised Associated Capital. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette