Grosvenor Fund Management acquired Almack House in 1999 as one of the seed assets for its London Office Fund. The 99,225 sq ft building, arranged over the lower ground, ground, and seven upper floors, was extensively refurbished in 2009. The building is fully let to four high quality tenants, including Warburg Pincus and Xstrata.
Commenting on the sale Scott Rowland, Fund Manager, Grosvenor Fund Management said: “The London Office Fund strategy is to acquire high-quality prime central London office assets that we can apply our asset management skills to, to maximise value for investors. The sale of Almack House means the Fund is now well positioned to take advantage of acquisition opportunities as and when we see them in the market.”
Giles Wintle, Chief Investment Officer, Grosvenor Fund Management added: “The London Office Fund is currently Grosvenor Fund Management’s longest running fund and has provided investors with strong returns since it was established. Having owned Almack House for over 15 years, it was the right time to offer this asset to the market and crystalise returns for our investors.”
Grosvenor Fund Management’s London Office Fund portfolio now comprises three assets: Belgrave House in Belgravia, 10 Grosvenor Street in Mayfair and Fleet Place House on Holborn Viaduct. The team pro-actively manages these assets to add value for both tenants and investors.
Grosvenor Fund Management currently has close to €4bn of assets under management, including a portfolio of 32 historical buildings in the heart of Lyon’s city centre in France, Liverpool ONE in the UK and Skarholmen Centrum shopping centre in Stockholm, Sweden.
JLL acted on behalf of Grosvenor Fund Management.
For more information contact:
Grosvenor Press Office
020 7312 6263
Notes to Editors
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities. We create high-quality places for people to enjoy and which use resources sustainably.
Grosvenor Fund Management
Our fund management business aims to create value for investors, shareholders and staff by creating compelling investment strategies that are expertly implemented. Building on our recognised skills and track record, we focus on urban property, often mixed-use and with a retail focus, in cities and locations whose vibrancy will endure. We select high-quality assets and manage them vigorously. We treat our tenants, as well as our investors, as partners, building close and mutually beneficial relationships that draw on Grosvenor’s long experience in real estate. We work best with clients who, like Grosvenor, have a long-term view of investments while being alert to the potential of short-term opportunities to enhance returns. As at 31 December 2014, assets under management were £3.0bn with 59 investor partners in 21 property funds, club deals and separate account mandates.