British asset management company Schroders has revealed that its UK Property Fund arm has completed a deal to buy Fitzroy, Minerva and Telephone House.
The deal will see Schroders’ pay Wainbridge Global Opportunities Fund London £31.85 million for the offices in London. Wainbridge originally purchased the properties three years ago (2011), and in the time since has carried out a number of asset management initiatives, one of which involved a refurbishment worth £4.5 million.
American advertising, marketing and corporate communications company, Omnicom currently occupies the buildings. situated on Chenies Street. It will continue to do so for a further 14 years, and will reportedly pay a passing rent of £33 per sq ft.
Fund manager at Schroders’ UK Property Fund, James Lass, spoke about the properties following the completion of the deal.
He said: “The properties are well positioned to benefit from both the organic rental growth we anticipate in central London and its proximity to Tottenham Court Road station, where we believe the Crossrail effect later in the cycle will further enhance returns.”
Principal at Wainbridge, Rob Rackind also commented on the deal, stating: “The sales of the Chenies Street properties represents an excellent results for the fund and the successful execution of our strategy for the asset.”
By: Kirsty MacGregor
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