EstCapital has sold 7/8 St Martins Place to West End of London Property Unit Trust (WELPUT), a closed-end fund managed by Schroders, for £41 million (approx. 45 million), which would reflect an estimated 5.75% net initial yield. With the sale EstCapital has produced an asset, levered IRR of circa 24% over the two years investment period.
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7/8 St Martins Place.
The 48,000-ft² (approx. 4,500-m²) office building adjoins St Martin-in-the Fields and is less than 100 meters from Trafalgar Square. The office space is let to Redwood Publishing with four years unexpired. There are also two ground level retail units which are let to the Post Office and Pret A Manger.
The Italian fund manager, EstCapital, held the building for two years, having purchased the building in July 2009 for circa £33 million.
EstCapital is a leading private Italian fund manager specialized in the set up and management of real estate closed-end funds for qualified investors. Established in 2004, EstCapital currently has total assets under management of approximately 1.5 billion.
Cushman & Wakefield advised EstCapital and Strutt and Parker advised Welput.
Source: Cushman & Wakefield
The Italian fund manager, EstCapital, held the building for two years, having purchased the building in July 2009 for circa £33 million.
EstCapital is a leading private Italian fund manager specialized in the set up and management of real estate closed-end funds for qualified investors. Established in 2004, EstCapital currently has total assets under management of approximately 1.5 billion.
Cushman & Wakefield advised EstCapital and Strutt and Parker advised Welput.
Source: Cushman & Wakefield
