Iroko Zen buys One Lyric Square Hammersmith from Schroders

Key Points

• French real estate investment firm Iroko Zen has acquired One Lyric Square, a prominent office HQ in Hammersmith, West London, from Schroders Capital UK Real Estate Fund.
• The property is a virtual freehold office building comprising 103,374 square feet of Class A office space fully let to The Office Group (TOG).
• The building has a Weighted Average Unexpired Lease Term (WAULT) of 12.9 years with no breaks, providing secure, long-term income.
• One Lyric Square underwent a comprehensive £32 million refurbishment in 2018 to modernise it as a high-quality workplace.
• Knight Frank advised Iroko Zen on this acquisition, marking their 10th deal with the firm and Iroko Zen’s fourth London acquisition since 2024.
• The deal value was approximately £57.92 million.
• Iroko Zen is continuing a major investment spree in London, building on previous acquisitions in the area.
• The acquisition reflects international investors’ continued appetite for London assets with long-term income potential.

What is the significance of Iroko Zen’s acquisition of One Lyric Square in West London?

As reported by Andrea Zander of IREI News, Schroders has sold One Lyric Square, a prominent office headquarters located in fulham/hammersmith/">Hammersmith, West London, to the French SCPI investment firm Iroko Zen. The property spans 103,374 square feet of high-quality, Class A office space and is fully let to The Office Group (TOG). This transaction is significant as the building offers a WAULT of 12.9 years, indicating a lengthy, secure income stream with no contractual breaks, which is attractive to long-term investors.​

One Lyric Square was originally developed in the 1970s but underwent a substantial £32 million refurbishment completed in 2018 to transform it into a modern, high-standard workplace. The acquisition by Iroko Zen highlights this property as a sought-after, premium office asset within the competitive London commercial real estate market.​

Who advised on the acquisition and what does it signify for Iroko Zen’s London strategy?

According to Andrea Zander of IREI News, Knight Frank acted as the advisor on this deal, marking their 10th deal with Iroko Zen, which since 2024 has made four acquisitions in London alone. This deal underlines Iroko Zen’s strategic and ambitious growth in the capital, emphasising the firm’s appetite for long-term income-generating, well-located office assets in London.​

The acquisition reflects the continued interest of international investors in London’s office market despite various challenges, underscoring London’s enduring appeal as a global business hub. Richard Stewart, Partner, Capital Markets, Knight Frank, Europe, commented on London’s sustained market strength in this regard.​

How does this acquisition fit into Iroko Zen’s broader London investment spree?

As covered by a CoStar article by an unnamed author, Iroko Zen has been actively expanding its footprint in London, with One Lyric Square being its largest London acquisition yet, purchased for approximately £57.92 million from Schroders Capital UK Real Estate Fund.​

Prior to this, Iroko Zen had made several other acquisitions, including retail and office assets in Shoreditch and the City of London, highlighting a diverse and opportunistic investment approach. Gautier Delabrousse-Mayoux, co-founder and CEO of Iroko, noted the firm’s transformation into a capable player in London’s real estate market, securing high-yield properties during opportune sales periods.​

What is Iroko Zen’s investment approach in London and what challenges does it face?

As detailed by the CoStar report, Iroko Zen follows a “granular” and “opportunistic” strategy to acquire high-quality assets at attractive yields, generally aiming at yields above 7%. The company tends to avoid timing constraints by executing deals cash-free, providing confidence to sellers. The firm’s investment culture involves thorough negotiation and patience to meet their financial thresholds.​

Gautier Delabrousse-Mayoux expressed comfort with investing in the London market, citing the relatively low vacancy rate for Grade A office buildings and ongoing redevelopment potential as demonstrated by the numerous construction cranes seen across the city. He emphasised the importance of maintaining office buildings to meet modern user requirements in a rapidly evolving market.​

What does the One Lyric Square deal reveal about the UK commercial property market?

The acquisition of One Lyric Square by Iroko Zen, as reported by IREI News and CoStar, illustrates sustained foreign interest in London’s office space, particularly in properties offering secure, long-term income streams. The building’s comprehensive refurbishment and prime location underpin current investor demands for modern, resilient assets amid market uncertainties.

The deal value of nearly £58 million and the long WAULT indicate that investors are willing to commit significant capital to quality assets with stable cash flows. This contrasts with wider market trends where deal values have declined amid uncertainty, as noted by Schroders’ Q3 2025 market commentary.​

Who are the key players involved in this transaction?

• Seller: Schroders Capital UK Real Estate Fund
• Buyer: French SCPI Iroko Zen
• Advisers: Knight Frank (buyer’s advisor)
• Tenant: The Office Group (TOG)
• Commentators: Richard Stewart (Knight Frank), Gautier Delabrousse-Mayoux (Iroko Zen CEO)

This acquisition consolidates Iroko Zen’s position as a prominent international investor in London’s commercial real estate, reinforcing the city’s status as a desirable destination for long-term, income-generating office assets. It also highlights the evolving landscape of London’s property market where refurbishment, tenant quality, and lease security are paramount to attracting global capital.