Dominus Real Estate has acquired the RBS building from Natwest at 5-10 Great Tower Street in London.

The company secured the 55,817 sq ft building for £27.5 million and completed the transaction entirely through equity.

With the acquisition finalised, Dominus will now begin exploring several avenues to modernise this respected old building, including adaptive re-use and the enhancement of sustainability credentials, to breathe new life into the site, and align it with the City of London's Destination City Programme.

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Preet Ahluwalia, Principal Director at Dominus, said: "This is a trophy asset right at the heart of the Square Mile. It's a real validation of our team's quality to have acquired this building despite strong interest from many developers and PLC contenders. 

"The building has a huge amount of potential and is a perfect fit for our business and our growing pipeline. It plays to our strengths as a company that can take on prominent sites and create long-lasting value, and we are devoted to exploring various usage options that will add value to the development and further activate the City.

"It's yet another step forward in our strategy of acquiring versatile sites with strong fundamentals in super-prime locations."