Consulco opens London office (CY/UK)

Industry veteran, David King, has opened a London office for Consulco, a leading international tax management advisor for businesses and individuals. David has spent almost 30 years in the property industry, working for Credit Suisse, AXA and Henderson Global Investors.

Consulco Capital Real Estate Limited ('CCRE'), based in London's Mayfair, has been created to provide property investment solutions for Consulco's client base of approximately 4,000 companies and high net worth individuals.

CCRE's first vehicle, Hermes Properties Limited, has completed the acquisition of six retail/restaurant investments in Central London (primarily in Soho and Covent Garden) for a total of £14 million with a net initial yield of approximately 6%. A number of Consulco clients have already invested in the company and further acquisitions are expected in 2011.

In order to provide Consulco's client base with a higher return product, CCRE has created Cashlever, a vehicle that lends on a short-term basis, secured against real estate. Cashlever has completed its first transaction, lending approximately £650,000 which is secured against two residential investments in North London.

David has recruited Russian-speaking Anna Krits (formerly of RREEF) and Greek national Vasiliki Chousidou (previously with Foxtons) to help source new investments for both vehicles and to assist Consulco's overseas marketing teams.

Hermes Properties Limited has acquired the following properties:

  • 58/59 Poland Street – acquired for £2.395 mln.
  • 86 Cannon Street – acquired for £2.310 mln.
  • 72 Wardour Street, 45Great Queen Street, 2 Greek Street and 352 The Strand – acquired in a portfolio for £7.900 mln.

Source: Consulco

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