Grosvenor Fund Management (GFM) has acquired Fleet Place House, EC4 for approximately £68m reflecting a net initial yield of 5.9% from AM Alpha, the German family trust, on behalf of the Grosvenor London Office Fund (GLOF).
The 92,000 sq ft property on Holborn Viaduct comprises 87,000 sq ft of office space and two retail units at street level and is currently let to a variety of occupiers, including Samsung and BT.
Commenting on the acquisition, Scott Rowland, Director, Grosvenor Fund Management said: “This is a fantastic acquisition for the Grosvenor London Office Fund portfolio. Fleet Place House is in a great location which we expect to benefit from future growth fuelled by continued infrastructure investments and strong tenant demand, delivering attractive risk adjusted returns for our investors.”
The Grosvenor London Office Fund was launched in 1999 and owns four assets on behalf of four investors. The partnership strategy is to invest in large, high quality office buildings in central London to which GFM can add value through its active asset management expertise.
The fund has consistently out-performed its benchmark and was the second best performing specialist fund in the AREF/IPD 2012 index.
Farmer Capital advised GFM and Savills advised AM Alpha.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor Britain & Ireland aims to create value through our skills in placemaking anddesign, repositioning locations in ways that change customer perceptions and deliver results for our stakeholders. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain & Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres around the UK. As at 31 December 2012, Grosvenor Britain & Ireland had assets under management of £4.8bn.