Beltane Asset Management, has purchased St Paul's House, Warwick Lane, EC4 from Grange Hotels, its second City acquisition in less than two months.
Beltane is a new investment and asset management company set up by former City agents Jonathan Chenery and Duncan Roe. Chenery and Roe have almost 30 years' experience in commercial agency and asset management between them. They set up Beltane Asset Management earlier this year to target assets in the UK and Europe, with a specific focus on the City of London.
The purchase price of the 38,000-ft² (approx. 3,500-m²) office on Warwick Lane, close to the London Stock Exchange, Goldman Sachs and Merrill Lynch, was not disclosed but is understood to be close to £12 mln. (approx. 14.6 mln.). This acquisition follows hot on the heels of its purchase of Pellipar House in Cloak Lane, London EC4, from ING in an off-market transaction at the end of June.
St Paul's House was previously the head office of accountant Moore Stephens and consists of a lower ground, ground and five upper floors. Moore Stephens recently relocated to 150 Aldersgate Street EC1, which has enabled Beltane to begin a superior standard, complete refurbishment of the currently vacant building.
Chenery, said: "Two acquisitions in less than two months demonstrates our continued appetite for City property and our financial firepower and acumen to get deals done complete transactions quickly. We completed both purchased within 20 working days. We are a cash buyer for further active management opportunities with individual lot sizes of between £10 mln. and £50 mln. We also have the capacity to consider larger lots and portfolio opportunities."
Beltane Asset Management was represented by Michael Elliott and Montagu Evans advised Grange Hotels.
Source: MJ2 Limited