HSBC Alternative Investments, along with the US real estate developer Hines, has bought the office development Broadgate West in London – the latest acquisition made by the HSBC Club Programme.

Broadgate West, situated in the heart of the City, comprises two phases, one designed by Gensler which was completed in 2000 and a second designed by SOM and completed in 2003. The 457,000 sq ft development is fully let, with occupants including UBS, GFI, Ashurst and Shearman & Sterling. The terms of the deal were not disclosed.

The HSBC Club Programme, which was launched in 2009, helps HSBC Private Bank’s clients get direct exposure to otherwise inaccessible real estate opportunities. It has already completed prime real estate deals in Washington DC and New York.

“The strong take up from investors is certainly testament to the quality of the assets we have acquired. The acquisition of Broadgate West in joint venture with Hines fits our strategy of investing in high-quality office buildings with credit-worthy tenants alongside strong local asset management partners,” said Paul Forshaw, head of real estate fund management at HSBC Alternative Investments.