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.
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